Hyatt International plans hotels in Portugal
The US hotel chain Hyatt International plans to open hotels in Lisbon, Porto and the Algarve.
Nuno Galvão Pinto, Hyatt’s Regional Vice-President of Acquisitions and Development says that the hotel chain will be expanding to Portugal, adding that the Algarve in particular has “enormous potential.”
Hyatt has been scouting for locations to open new hotels for around a year, but one of the difficulties has been finding suitable sites.
Another difficulty has to do with the financial returns that it and its investors have to make since currently there is a disconnect between the asking prices in the market and the investment that can be supported.
“Regarding resorts, our preference is for beach front properties, but these are increasingly hard to find due to legislation governing and limiting new coastal construction” he admits.
“This is why we are looking for other options in the Algarve” adds Galvão Pinto.
Hyatt says that it is very interested and flexible regarding commercial investments, brand standards and beach hotels.
Hyatt Hotels Corporation, based in Chicago, has a portfolio of 13 brands for different niches, with 698 properties in 56 countries.