Hyatt (H) to Open Grand Hyatt Limassol in Cyprus by 2025
In a bid to strengthen its portfolio across Europe, Hyatt Hotels Corporation’s H affiliate recently entered into a management agreement with Anolia Holdings Limited to launch the first-ever Grand Hyatt Limassol hotel on the island of Cyprus. The company expects to open the property by 2025.
Located at the Blue Flag beach east of Limassol, the 300-room luxury resort comprises residential apartments and private villas covering an area of more than 861,100 square feet. The resorts will also be offering spa and fitness facilities along with an indoor and two outdoor pools. The resort will additionally offer five elevated food and beverage concepts as well as 15,000 square feet of event space.
Given the enormous scenic experience and the extraordinary offerings, the company is optimistic about not only attracting leisure travelers but also gaining popularity among business travelers, conference-goers and event attendees. It also stated that this project paves the path for growth in Hyatt’s existing and upcoming portfolio in Malta, Athens Thessaloniki and Izmir.
Takuya Aoyama, vice president, development for Europe and Africa, Hyatt, stated “Grand Hyatt Limassol represents a key element of our growth strategy in Europe as we continue to seek opportunities to extend our resort footprint in the Mediterranean.”
Increased Focus on Expansion to Drive Growth
Hyatt has been consistently trying to expand its presence worldwide in order to gain market share in the hospitality industry.
In 2019, the company opened Great Scotland Yard, Hyatt Centric Dublin, Andaz Vienna Am Belvedere and Hyatt Regency Chantilly in Europe. It also made four additions in Barcelona, Manchester and Frankfurt.
Going forward, the company has expansion plans in the Asia Pacific, Europe, Africa, the Middle East and Latin America. It is also likely to expand in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. Notably, the company intends to benefit from these expansions, thereby eventually boosting the business.
So far this year, shares of the company have plummeted 45.2% compared with the industry’s decline of 35.7%.
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 #4 (Sell), at present.
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