Hyatt's (H) Hyatt Regency JFK to Open in New York in 2021
In a bid to expand its portfolio, Hyatt Hotels Corporation H, in collaboration with Genting Americas, recently announced plans to open Hyatt Regency JFK at Resorts World New York. The property is scheduled to open during the first quarter of 2021.
Located at the Resorts World Casino, New York City, the eight-story 400-room four-star hotel comprises of residential-inspired guestrooms and premium suites with in-room technology. Moreover, it features 5,000 square feet of total function space, which includes restaurants, state-of-the-art conference and meeting spaces, retail options, and gaming areas.
Notably, the $400 million hotel and amenities investment is likely to offer a variety of non-gaming amenities and entertainment options to its guests.
In this regard, Pete Sears, Americas group president, Hyatt, stated, “This new hotel will be a testament to Hyatt’s commitment to growing with intent in markets that matter most to our loyal members and global guests.”
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 2018 and 2019, Hyatt registered net room growth of 13.6% and 7.4%, on a year-over-year basis, respectively. For the first and second quarters of 2020, Hyatt registered net room growth of 6.3% and 5.8%, respectively. The company announced that net rooms have increased by more than 40% and its pipeline has nearly doubled. This trend is anticipated to continue in 2020 and beyond.
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 United Kingdom, Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. Notably, the company intends to benefit from these expansions, eventually boosting the business.
So far this year, shares of the company have plummeted 38.2% compared with the industry’s decline of 26%.
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.
Have You Seen Zacks’ 2020 Election Stock Report?
The upcoming election could be a massive buying opportunity for savvy investors. Trillions of dollars will shift into new market sectors after the election. The question is, which sectors will soar for each candidate? Zacks has put together a new special report to help readers like you target big profits.
The 2020 Election Stock Report reveals specific stocks you’ll want to own immediately after the results are announced – 6 if Trump wins, 6 if Biden wins. Past election reports have led investors to gains of +71%, +83%, even +185% in the following months. This year’s picks could be even more lucrative.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Choice Hotels International, Inc. (CHH): Free Stock Analysis Report
Hyatt Hotels Corporation (H): Free Stock Analysis Report
Marriot Vacations Worldwide Corporation (VAC): Free Stock Analysis Report
Hilton Worldwide Holdings Inc. (HLT): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.