Hyatt 2024 expansion with record room growth and new ventures

Friday, January 19, 2024

Hyatt unveils robust 2024 growth, with a record 127,000 room pipeline, expanding, resort, lifestyle and luxury industry, new Hyatt Studios.

Today, Hyatt Hotels Corporation unveiled its ambitious growth plans for 2024 and beyond, following a record-breaking year in 2023 with an unprecedented number of deals signed. Hyatt’s dedication to being the top choice for guests, customers, and owners is evident in its impressive pipeline of 127,000 rooms globally by the end of 2023. This marks a nearly 40% increase compared to the existing rooms in Hyatt’s portfolio and is set to drive future earnings through an asset-light approach.

“We have been very intentional in our growth strategy and acquisitions, always prioritizing guest, customer and owner preference as well as differentiation, and taking bold steps to stay ahead of market trends,” said Mark Hoplamazian, president and chief executive officer, Hyatt. “Guided by our purpose of care, we believe our most exciting chapter is ahead of us, and we are committed to reinforcing our position as the preferred hospitality brand.”

Since its initial public offering, Hyatt has seen exceptional expansion, with its hotel portfolio nearly tripling and its development pipeline expanding fourfold. This growth is attributed to organic development, property conversions, strategic acquisitions, and revenue from real-estate sales, enhancing Hyatt’s high-end brand presence across various segments.

The World of Hyatt loyalty program has also seen a significant surge, quadrupling its membership in the past five years. It boasts over 30% more members per hotel compared to larger competitors, making it the fastest-growing loyalty program in the global hospitality industry. This program emphasizes personalized guest experiences and increased revenue for property owners.

Key Highlights of Hyatt’s Strategic Growth in Luxury, Resort, and Lifestyle Sectors:

• Hyatt stands out in the luxury, resort, and lifestyle hotel industry, with these categories now comprising 45% of its total portfolio, including a near doubling of luxury rooms, tripling of resort rooms, and quadrupling of lifestyle rooms since the end of 2017.
• Notable upcoming openings include Park Hyatt London River Thames, Park Hyatt Johannesburg, Park Hyatt Changsha, Park Hyatt Kuala Lumpur, Park Hyatt Cancun, Park Hyatt Los Cabos at Cabo Del Sol, and Park Hyatt Mexico City.
• Hyatt is also enhancing its luxury all-inclusive resort offerings, including the introduction of the Impression by Secrets brand and expansions in Europe with Zoetry Halkidiki Resort & Spa in Greece and Dreams Madeira Resort, Spa & Marina in Portugal.
• Thompson Hotels is expanding in Europe and Asia Pacific, with new properties in Rome, Vienna, Seville, Shanghai, Houston, Palm Springs, South Beach, and Puerto Vallarta.

Introducing Hyatt Studios and New Developments:

• Hyatt Studios, Hyatt’s first upper-midscale extended-stay brand in the Americas, is rapidly expanding with about 200 deals in negotiation, representing approximately 2,000 rooms across North America.
• Upcoming Hyatt Studios locations include multiple properties in Alabama, California, Colorado, Illinois, Indiana, Kentucky, Maine, Mississippi, Ontario, Tennessee, and Texas.

“In many cases, we’re working with owners who either own or plan to develop properties across all four of our brand portfolios,” said Jim Chu, executive vice president and chief growth officer, Hyatt. “Our growth is only possible because of our strong relationships with both managed and franchised owners. Whether it’s winning deals in highly competitive markets like Park City, Utah with Grand Hyatt Deer Valley or innovating with one-of-a-kind projects like Grand Hyatt Kuwait Residences, we work tirelessly to be the preferred brand for owners and developers.”

Global Brand Growth Across All Collections:

• The Unbound Collection by Hyatt is growing with new openings in Switzerland, Germany, and Indonesia.
• The JdV by Hyatt brand is expanding in Germany and new markets like Southampton, NY.
• The Destination by Hyatt brand is set to debut in Canada and Saint Lucia.
• The Hyatt Regency and Grand Hyatt brands are entering new destinations, including Panama, Kuwait, Park City, Mexico City, and Los Cabos.
• The Hyatt Place and Hyatt House brands are marking entries in Asia Pacific, the United Kingdom, and North America.
• The Hyatt Centric brand is expanding in Canada, Asia Pacific, and Latin America.
• The Caption by Hyatt brand is gaining global momentum with openings in China, Japan, Tennessee, and Chattanooga.
• Dream Hotel Group’s integration will introduce Dream Valle de Guadalupe in Mexico.

Inclusive Collection Resorts Expansion:

• Secrets Resorts & Spas are expanding in Mexico and the Caribbean.
• Dreams Resorts & Spas are adding new locations in Mexico.
• The new Hyatt Vivid Grand Island brand is launching its first property adjacent to Dreams Grand Island.

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