Hyatt (H) Strengthens Presence in Italy With New JdV Hotel
Hyatt's (H) JdV by Hyatt brand debuts in Italy with a 52-room upscale property, The Tribune Hotel. The property is operated by AG Group's AG Hotels.
Hyatt Hotels Corporation H recently announced the addition of The Tribune Hotel to its JdV by Hyatt portfolio in Italy. This marks the brand’s first hotel in the region. Operated by AG Group’s AG Hotels, the property will be joining Hyatt’s existing portfolios of Hyatt Centric Murano Venice, Hyatt Centric Milano Centrale and Park Hyatt Milan.
Embracing the classical beauty of Rome, the Tribune Hotel features 52 guestrooms, ranging from 193 to 344 square feet area. It also comes with amenities such as fitness center, meeting and event spaces, and a rooftop lounge and bar.
The hotel is located close to some well-known museums, shops and cafes. Also, the hotel is within walking distance to some of the city’s major tourist centers, such as the Spanish Steps and the Trevi Fountain. It is interconnected by public transport with the Colosseo.
Concerning the opening, Hyatt’s director of sales marketing & PR, Maria Chiara Picardi, stated, “As the capital of Italy, Rome symbolizes everything the country is renowned for, spectacular food and wine, and a rich cultural heritage. In keeping with the spirit of the JdV by Hyatt brand, the vibrant design and ambiance of The Tribune Hotel is a true reflection of its beautiful neighborhood.”
Focus on Expansion
Hyatt continues to expand its presence to drive growth. During the second quarter of 2021, the company opened 27 new hotels (or 4,302 rooms), contributing to strong net rooms growth of 7.1% year over year. As of Jun 30, 2021, the company had executed management or franchise contracts for approximately 495 hotels (or 101,000 rooms) compared with 490 hotels (or 100,000 rooms) as of Mar 31, 2021. It is optimistic about full-service growth opportunities, comprising newbuilds and conversions globally. During the quarter, independent brands such as Unbound Collection by Hyatt, JDV by Hyatt and Destination by Hyatt accounted for eight conversions in high barrier to entry markets, including Los Angeles, Toronto, Beijing, Sweden and Spain.
Meanwhile, the company’s new signings across its brands globally have consistently outpaced openings. In 2018, 2019 and 2020, Hyatt registered net room growth of 13.6%, 7.4% and 5.2% on a year-over-year basis, respectively. During second-quarter 2021, 27 new hotels (or 4,302 rooms) joined Hyatt's system. This contributed to a 7.1% increase in net rooms from the second quarter of 2020. Despite the coronavirus pandemic, the company anticipates net unit growth of 6% in 2021. The company is optimistic about continued growth in demand for the upcoming quarters of 2021.
In the past year, shares of Hyatt have surged 45.8% compared with the Zacks Hotels and Motels industry’s 40% rally.
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Currently, Hyatt 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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