Hyatt Hotels Corporation (NYSE: H) announces that a Hyatt affiliate and affiliates of the Malca family have formed a joint venture to develop and own two hotels in the master planned community of Costa del Este in Panama City, Panama that will be branded as a Hyatt Place and Hyatt House.
Hyatt Place Panama City Costa del Este and Hyatt House Panama City Costa del Este will be part of a mixed use development that will also include approximately 118,000 square feet (11,000 square meters) of commercial space containing both retail and office space. Hyatt Place Panama City Costa del Este will offer 168 guestrooms and Hyatt House Panama City Costa del Este will offer 120 guestrooms, and the hotels will be located in adjacent towers. Construction of the project will begin later this year and both hotels are expected to open in early 2015. The hotels will be the second and third Hyatt-branded hotels to open in Panama City, joining Hyatt Place Panama City, which is expected to open later this year.
“Hyatt House Panama City Costa del Este will be the first Hyatt House project in Latin America and we believe that there is significant potential to grow this extended stay brand throughout the region,” said Pat McCudden, Senior Vice President, Real Estate And Development – Latin America and Caribbean for Hyatt. “We also believe that the Hyatt Place brand will serve the increasing demand that is generated by the commercial growth occurring in Costa del Este, Panama City’s premier location for new office and commercial development. Following the successful collaboration with the Malca family on Hyatt Place Panama City, we are delighted to be working with them on the second project in Panama.”
“We believe in both the Hyatt House and Hyatt Place brands, and think the hotels will complement the planned commercial component and will have strong appeal in Costa del Este due to its proximity to the airport, the canal and the downtown area,” said Jose Rogelio Arias, Senior Vice President of Hospitality and Real Estate for Immobiliare Real Estate Development Group, the Malca family’s development company. “Panama’s economy continues to experience growth and the anticipated expansion and operation of the Panama Canal could result in strong business demand for the next decade.”
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