Hyatt Hotels Corporation H recently announced its intentions to expand its Alila Brand in Americas. The company is likely to open Alila resort in the Americas, located in Encinitas, CA — a quintessential beach town in San Diego’s North County Coastal region — by 2021.
Following the opening of this property, Alila Marea Beach Resort Encinitas will join Ventana Big Sur, an Alila Resort, as the brand’s second hotel in California and 14 other luxury properties worldwide.
This new property will attract customers with luxury oceanfront hotel, having 130 guestrooms, including 16 suites. Alila Marea Beach Resort Encinitas is being developed by JMI Realty and Fenway Capital Advisors.
Shares of Hyatt have fallen 45.5% year to date, compared with the industry’s decline of 35.1%. The COVID-19 pandemic and related travel restrictions and other containment efforts have had a significant impact on the company.
Expansion to Spur Growth
Hyatt, which shares space with Hilton Worldwide Holdings Inc. HLT, Choice Hotels International, Inc. CHH and Marriott Vacations Worldwide Corporation VAC, operates in an intensely competitive market. In an effort to counter competition, it continues to expand presence domestically and internationally.
Recently, Hyatt announced that it is planning to open two new properties — Thompson Savannah and Thompson Buckhead — in an effort to expand Thompson Hotels brand. Both the properties are expected to open in Georgia in 2021.
The company also has expansion plans in the Asia Pacific, Europe, Africa, Middle East and Latin America. It also looks forward to expand in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. This should help it gain market share in the hospitality industry, thereby boosting business.
Hyatt currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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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.