Hyatt Acquires $190 Million Mexico City Property

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Nearly 30 years after the opening of the first Hyatt hotel in Mexico, Hyatt Hotels Corporation (NYSE: H) recently announced that a Hyatt affiliate intends to acquire the 756-room Hotel Nikko Mexico for approximately $190 million from Japan-Mexico Hotel Investment Co., Ltd.

The transaction is scheduled to close in May and, upon closing, the hotel will be rebranded as Hyatt Regency Mexico City. Hyatt will invest approximately $40 million in a three-year renovation to strengthen the hotel's competitive position as the preferred business and leisure hotel in Mexico City. With the hotel's acquisition and rebranding, the Hyatt Regency brand will establish a strong presence in Mexico City with a leading business and leisure hotel located in Polanco, Mexico City's most desirable area.

"Acquiring Hotel Nikko Mexico and rebranding it as Hyatt Regency Mexico City is an important step in our broader plans for growth in Mexico and Latin America," said Steve Haggerty, global head of real estate and development for Hyatt Hotels Corporation. "Mexico City is the premier political, business and commercial hub in Mexico. Our strategic investment in this hotel, which has a highly visible presence in Mexico City, will increase awareness of Hyatt in Latin America and will support our long-term goal of becoming the most preferred hospitality company in every segment we serve."

Hyatt Regency Mexico City's excellent location will position it as one of Mexico City's most visible and popular hotels. The hotel is situated in the heart of the upscale Polanco district on Campos Eliseos, where the headquarters of international corporations like General Motors, Nestle, and Coca Cola are located, as well as organizations such as the U.N., OAS, and many of the country's embassies.

Hyatt Regency Mexico City will face Chapultepec Park and be within walking distance of the city's best museums and art galleries, theaters, dining and nightlife attractions, high-end retail shopping areas, the Chapultepec Zoo and Aviary, and the Botanical Gardens.

Hyatt Regency Mexico City will have 734 rooms after combining some of the existing rooms into suites. The hotel's amenities will include approximately 30,000 square feet of meeting and event space, two signature Japanese restaurants, a three-meal restaurant and lobby bar, a business center, a fitness center, tennis courts, and a pool. This summer the hotel will complete an extensive six-year renovation program that includes the complete refurbishment of all the guestrooms as well as the two Japanese restaurants.

"We look forward to welcoming guests from Latin America and all over the world to Hyatt Regency Mexico City and to sharing Hyatt's authentic hospitality with those who are familiar with the brand or completely new to it," said Mexico City-based Myles McGourty, senior vice president - Hyatt of Latin America. "Hyatt Regency Mexico City will significantly increase Hyatt's visibility among travelers in Latin America and will support our efforts to expand our brands throughout the region."

Hyatt-branded hotels currently open in Mexico are Hyatt Regency Cancun, Hyatt Regency Merida, and Hyatt Regency Villahermosa. Worldwide, more than 40 Hyatt-branded hotels opened in 2011 and Hyatt currently has executed contracts for 170 new hotels under development around the world. As of December 31, 2011, the company's worldwide portfolio consisted of 483 properties in 45 countries.