Consistent with its expansion strategy, a leading global hotel chain, Hyatt Hotels Corporation (H), recently declared that it will include four properties with 1,700 guestrooms under its Hyatt brand in France. In this regard, an affiliate of Hyatt and Constellation Hotels Holding Ltd. has entered into a management contract.
Under the terms of the agreement, four hotels based in various popular destinations in France including Paris, Boulevard de la Croisette in Cannes and Promenade des Anglais in Nice will be rebranded into the Hyatt brand. These properties, which are slated to unveil in April 2013, will undergo a complete makeover.
Post conversion, Palais de la Mediterranée Hotel and Casino, Concorde Lafayette and Hotel Martinez will be running as Hyatt Regency Nice Palais de la Mediterranée, Hyatt Regency Paris Etoile and Grand Hyatt Cannes Hotel Martinez, respectively. While the fourth property, Hotel du Louvre, after the completion of its restoration, will operate under the Andaz brand.
Hyatt owns several properties in France including Park Hyatt Paris Vendome, Hyatt Paris Madeleine and Hyatt Regency Paris Charles de Gaulle. With this proactive advance, the company will be able to further enhance its European portfolio.
Hyatt Hotels operates under various brand names such as Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt House. The company recently introduced a hotel, Hyatt Place Corpus Christi, under its Hyatt Place in Corpus Christi, Texas.
Hyatt, which is scheduled to release its fourth quarter 2012 results on February 13, 2013, currently carries a Zacks Rank #3 (Hold). Another hotel company Starwood Hotels & Resorts Worldwide Inc. (HOT) recently reported fourth-quarter 2012 adjusted earnings from continuing operations of 70 cents, breezing past the Zacks Consensus Estimate by a nickel, but slightly below the year-ago level of 71 cents. It carries a Zacks Rank #2 (Buy).
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