Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a management services agreement with 5 Star Empreendimentos Imobiliários Ltda for a Park Hyatt hotel in Foz do Iguaçu, Brazil. Park Hyatt Foz do Iguaçu will become the first Park Hyatt hotel in Brazil and is expected to open in 2017.
Wyndham Hotel Group Signs Deal for First Wyndham Resort in Costa Rica
At this weeks World Travel & Tourism Conference (WTTC), Craig Smith, president of the Caribbean and Latin America at Marriott International, Inc. (NASDAQ: MAR), announced that the company expects to reach the milestone of 5,000 hotels by 2017, planning to add 1,300 new hotels in the next three years at the rate of 6 per week. In Latin America alone, the company expects to close 2017 with 150 hotels across 25 countries, nearly doubling its portfolio in Latin America.
The Guayaquil Marriott will be the companys third property in Ecuador and is being developed by Hotecapsa, overseen by Mr. Angel P. Sanchez. Mr. Sanchez is a major local developer in Guayaquil who also opened the famous Sanchez Aguilar Theatre, The Plaza Buena Vista Mall and the Plaza del Prado Mall.
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