Second, we announced yesterday the acquisition of a hotel in Mexico City. We're very excited about this. This will be Hyatt Regency in Mexico City. We're very excited about establishing our presence there, especially in this location. And we have been looking at building our brand presence there for some time. The level of travel to Mexico has been quite strong both in leisure, as well as business travel. And overall, the economic trajectory in Latin America is quite positive. We are very happy with the acquisition. The all-in costs, including an approximately $40 million renovation, will bring us an adjusted over $300,000 per key, which we believe is well below replacement cost.Most importantly, it's really consistent with our strategy of how we intend to use our balance sheet, which is to really secure opportunities and gateway cities. And eventually, these hotel, we will look to recycle it and sell it, but retain a long-term management contract. But we really believe that the repositioning of the hotel, the branding of it and some other work that we're going to do will have a positive impact.
Hyatt Hotels' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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