Yahoo Finance Hyatt (H) on Expansion Spree, Boosts Presence in California
Hyatt Hotels Corporation H recently announced the addition of Hotel Figueroa to its brand The Unbound Collection in Los Angeles. This marks the brand’s first hotel in L.A. and its third in California, following the likes of Mar Monte in Santa Barbara and Carmel Valley Ranch in Carmel.
Each property of The Unbound Collection by Hyatt offers its visitors a unique experience during their stay. Moreover, the hotel is unquestionably characterised by fashionable art works encouraged by its own history.
Embracing age-old hospitality trends, Hotel Figueroa comes with the Featured Artist Suite with reservations costing $400 per night. The hotel also provides a range of culinary offerings, fine dining and elevated bar concepts. Moreover, well-being and outdoor activities are provided through safe, socially distanced outdoor classes, with views of the city skyline.
With respect to the addition, the hotel’s current managing director, Connie Wang, stated, “We remain dedicated to serving as a proud beacon and pillar of our community; celebrating the rich history, architecture, and elevated and unscripted hospitality that define each story-worthy guest stay, which will be further enhanced by this collaboration.”
Focus On Expansion
Hyatt aims to differentiate its brands from one another by providing distinct travel experiences. Hyatt is also consistently trying to expand its presence worldwide, and has expansion plans in Asia-Pacific, Europe, Africa, the Middle East and Latin America. Expansion in these markets is expected to help the company gain market share in the hospitality industry, thus boosting business.
Apart from these, the company continues to expanded in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, Netherlands South Korea, Canada and the Caribbean.
Meanwhile, Hyatt's new signings across its brands, globally, have consistently outpaced openings. In 2018, 2019 and 2020, Hyatt registered net room growth of 13.6%, 7.4% and 5.2% on a year-over-year basis, respectively. Despite the coronavirus pandemic, the company anticipates net unit growth of 5% in 2021. The company is optimistic about the continued growth in demand for the upcoming quarters of 2021.
So far this year Hyatt’s shares have surged 10.2% so far this year compared with the Zacks Hotels and Motels industry’s 8.2% growth.
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Zacks Rank
Hyatt — which shares space with Marriott International, Inc. MAR, Hilton Worldwide Holdings Inc. HLT and Choice Hotels International, Inc. CHH in the same industry — currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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