Hyatt announces completion of acquisition and rebranding of Hotel Nikko Mexico
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Hyatt Hotels Corporation announced that a Hyatt affiliate completed its previously announced acquisition of the 756-room Hotel Nikko Mexico from Japan-Mexico Hotel Investment Co, Ltd for approximately US$190 million. The hotel has been rebranded as Hyatt Regency Mexico City. Ramping up its expansion in Latin America, Hyatt also announced plans for eight Hyatt-branded hotels in Latin America, in addition to four previously-announced hotels under development, for a total of 12 Hyatt-branded hotels under development in Latin America. When these properties open, there will be a total of 20 Hyatt-branded hotels in the region.
Over the next three years, a Hyatt affiliate is expected to invest approximately US$40 million to renovate Hyatt Regency Mexico City to strengthen the hotel’s competitive position.
Of the eight agreements being announced, all of which were signed prior to March 31st, 2012, six are for hotels in Mexico, one is for a hotel in Colombia and one is for a hotel in Chile. Several of these projects will include investment by affiliates of Hyatt.