Hyatt (H) to Boost Presence in Portugal With New Andaz Hotel
In a bid to strengthen its portfolio across Southern Europe, Hyatt Hotels Corporation’s H affiliate recently entered into a management agreement with Feuring Hotel Lissabon GmbH & Co. KG to launch the first Andaz hotel in Lisbon. The company expects to open the property by 2024.
Notably, this marks the second Hyatt-branded hotel in Lisbon (after the planned opening of Hyatt Regency Lisbon in 2022) and the sixth Andaz property in the European region. It also joins the likes of Andaz Munich Schwabinger Tor, Andaz Vienna Am Belvedere, Andaz London Liverpool Street, Andaz Amsterdam Prinsengracht and Andaz Prague, which are scheduled to open in 2022.
Located at Lisbon’s Baixa district, the hotel comes with five separate buildings that include former offices of Banco Portugues de Investimento. Notably, the central building comprises 169 guestrooms surrounded by four satellite buildings that offer a variety of private suites. Meanwhile, the hotel offers a rooftop restaurant and bar, Andaz Lounge, spa, fitness centre, and Andaz Studio events spaces for corporate and social events.
In this regard, Nuno Galvão Pinto, regional vice president development Europe, Hyatt stated, “As we continue to prioritize thoughtful growth in places that matter most to our guests, World of Hyatt members and customers, we look forward to introducing the Andaz brand to Lisbon and expanding our brand footprint in Portugal.”
Increased Focus on Expansion
Hyatt has been consistently looking to expand presence worldwide.
The company has expansion plans in the Asia Pacific, Europe, Africa, the Middle East and Latin America. It is also likely to expand in Australia, Brazil, Germany, the United Kingdom, Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and other international markets.
Shares of the company have plummeted 39.5% compared with the industry’s decline of 27.9%. The dismal performance can be primarily attributed to the coronavirus pandemic. This along with related travel restrictions and other containment efforts have been affecting the company. The company’s RevPAR has also declined significantly due to the same. Meanwhile, earnings estimates for 2020 have moved down over the past 30 days, depicting analysts’ concern over the stock’s growth potential.
Hyatt — which shares space with Hilton Worldwide Holdings Inc. HLT, Choice Hotels International, Inc. CHH and Marriott Vacations Worldwide Corporation VAC in the Zacks Hotels and Motels industry — has a Zacks Rank #5 (Strong Sell) at present.
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