Hyatt Hotels Corporation (NYSE: H) and FSA Group S.A., a Libra Group company, announced today that a joint venture entity formed by a Hyatt affiliate and FSA Group has completed the acquisition of a site in São José do Rio Preto, Brazil, and has entered into agreements with FSA Group to develop a Hyatt Place hotel and with Hyatt affiliates to provide management services in connection with the operation of the hotel. This is the first hotel to be announced under the landmark master development agreement between a Hyatt affiliate and FSA Group for nine Hyatt Place hotels throughout Brazil. Once completed in mid-2016, Hyatt Place São José do Rio Preto will be the first hotel under the Hyatt Place brand to open in Brazil.
Hyatt Place São José do Rio Preto will be located in the state of São Paulo, approximately 440 kilometers (273 miles) northwest of the city of São Paulo. The 150-room hotel will feature an outdoor pool, a lobby lounge and restaurant, a fitness center, and approximately 400 square meters (4,306 square feet) of flexible meeting space. The hotel will be conveniently located adjacent to Iguatemi Shopping and within easy access to the area’s hospitals and clinics.
Hyatt Place São José do Rio Preto will be an integral component of a mixed-use project known as Iguatemi Shopping, which is currently under development by Iguatemi Empressa de Shopping Centers S.A., one of Brazil’s largest retail developers and the owner of many of Brazil’s highest quality retail malls. The Iguatemi Shopping project is expected to contain a retail component with approximately 44,000 square meters (473,612 square feet) of gross leasable area, three luxury residential towers, two office towers of approximately 10,000 square meters (107,639 square feet) each, and the Hyatt Place hotel. The Iguatemi Shopping retail stores will open on April 26, 2014.