Three days after it announced the expansion of its hotel lineup in popular European tourist cities, Hyatt Hotels (H +0.47%) says it will add 12 more hotels to its existing locations in the U.S., and one in El Salvador, in 2021. The 13 new hotels, added to the approximately 90 locations Hyatt is already operating in North America and the Caribbean, will increase its regional portfolio of properties by around 14.4%.
Six of the locations, including the one in El Salvador, are part of the Hyatt Centric brand, which are "full-service lifestyle hotels." Another six will be part of the Thompson brand, which are "boutique lifestyle" resorts that provide "world-class culinary offerings." In short, all of the locations are high-end luxury properties. The remaining hotel is from the Alila brand, which adds "sustainable" details to appeal to ecologically minded guests who want a luxury experience.
Image source: Hyatt Hotels.
Even during the COVID-19 travel bans, lockdowns, and other disruptions, Hyatt opened seven hotels in the North American region in 2020. Three opened before the coronavirus struck, but the other four opened during the pandemic, between April and November. All belonged to either the Hyatt Centric or Thompson brands.
Hyatt's share prices haven't yet rebounded to the levels they reached before the pandemic. This isn't surprising in light of reduced travel and economic activity due to COVID-19. Its properties in China, however, showed third-quarter occupancy rates for both leisure and business travel similar to Q3 2019 levels, according to remarks by CEO Mark Hoplamazian during the company's Q3 earnings conference call. With coronavirus vaccines on the way, the whole sector, including Hyatt, could see a major lift in 2021.
