In order to gear up its spread in Thailand, Hyatt Hotels
Corporation (H) announced the debut of a
Hyatt Place branded hotel in Bangkok in collaboration with a local
real estate firm Pioneer Property Company Limited (PPC). The new
property named Hyatt Place Bangkok, Sukhumvit is slated to open for
business in 2017.CBRE GROUP INC (CBG): Free Stock Analysis
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Lately, Hyatt Hotels is strategizing to beef up its portfolio in
Thailand through introduction of its top class brands in the
country. On previous occasion, Hyatt Hotels declared the debut of
two other brands in the Thai city with the Park Hyatt Bangkok and
Hyatt Regency Bangkok, Sukhumvit. The properties will come up in
2014 and 2017, respectively.
Hyatt Place, the upscale select service brand of Hyatt Hotel,
offers casual hospitality in a high-tech and modern environment.
The brand appeals to both multi-tasking business travelers and
leisure travelers. Hyatt Place has enjoyed huge success in the U.S.
and expects to cater to the increasing number of domestic and
international travelers to Bangkok.
Positioned on Sukhumvit Road Soi 24, Hyatt Place Bangkok,
Sukhumvit will offer 220 guest rooms and seven studio suites. The
hotel is conveniently connected to the business, entertainment and
dining districts of Bangkok.
Bangkok, the capital city of Thailand, is among the world's top
tourist destinations. As the gateway to Thailand the city is a
strategic fit for new hotels. Hyatt Hotels is all set to tap the
Thai market as it attracts tourists worldwide. According to a real
estate services company CBRE Group, Inc. (CBG) , Thailand's tourism market continued to post
strongly in the second quarter of 2012 with Bangkok being the major
gainer. International tourist arrivals increased by 12% year over
year to 4.7 million, the majority .
Thailand's rich cultural value and striking heritage sites are the
other attractions for tourism. Besides, the country's
value-sensitive shopping, dining and lodging have drawn attention
through exhibitions and promotional events arranged by Tourism
Authority of Thailand (TAT). TAT expects over 20 million
international visitors to Thailand in 2012 with possible increase
in numbers if the international economic and geopolitical situation
Hyatt Hotels' major rivals Starwood Hotels & Resorts
Worldwide Inc. (HOT) and Marriott International Inc.
(MAR) have a considerable
presence in Thailand. With the rapid entry of global chains as well
as local brands, the lodging supply scenario is strengthening in
major Thai cities. This might drive down the average daily rate for
hoteliers, going forward ??? a fact the company needs to be wary
To shift its focus from the rather saturated developed markets,
Hyatt Hotels is currently inclined towards the faster growing
Asia-Pacific region to benefit from the increase in demand for
hotels. The company currently operates more than 50 hotels in the
Asia-Pacific. Hyatt Hotels presently has two other properties in
Thailand ??? Hyatt Regency Hua Hin and Grand Hyatt Erawan
We currently have long-term 'Neutral' recommendation on Hyatt
Hotels. Also, its carries a short-term Zacks #3 Rank (Hold).