Hyatt Enters Agreement for Hyatt Regency Coco Beach Resort in Puerto Rico

USA, Chicago, Illinois. July 01, 2019

Hyatt Hotels Corporation (NYSE:H) announced today that a Hyatt affiliate has entered into a franchise agreement with Coco Hotel 1 LLC for a new hotel, expected to open July 2019 as a Hyatt affiliated hotel and then become Hyatt Regency Coco Beach Resort after an extensive renovation is completed this fall. The 486-room hotel with 93 branded residencies will be managed by Aimbridge Hospitality and signifies Hyatt's continued brand growth on the island of Puerto Rico and across the Caribbean region. The hotel will be the brand's only full-service property in Puerto Rico. The hotel will operate as The Resort at Coco Beach, a Hyatt affiliated hotel, from July 2019 until the renovation is completed.

The hotel will join four select-service Hyatt hotels open in Puerto Rico: Hyatt House San Juan, Hyatt Place Manati, Hyatt Place San Juan Bayamon and Hyatt Place San Juan City Center.

"The expansive redevelopment of this premiere beachfront property is a testament to the confidence among owners and developers in the destination of Puerto Rico and the Hyatt brand," said Camilo Bolaños, vice president of development and real estate - Latin America and Caribbean, Hyatt. "We are pleased to continue our strong brand growth in the region, proudly supporting Puerto Rico's upward tourism sector, which we believe has an even brighter future ahead."

The hotel will be situated on a 1,000-acre peninsula within a private development known as Coco Beach on the northeast coast of Puerto Rico that includes 36 holes of championship golf. In close proximity to San Juan's Luis Munoz Marin International Airport, the hotel will offer guests approximately 37,000 square feet of flexible meeting and event space, spacious guestrooms including 93 upgraded suites with in-room whirlpool tubs and kitchenettes, a club lounge and locally inspired dining destinations. Prior to its significant redesign, renovation and rebrand, the hotel was Melia Coco Beach.

Once open this summer, the new hotel will offer a seamless, intuitive experience for leisure and business travelers alike. Guests will enjoy a full range of services and amenities, including notable culinary experiences, stress-free environments for seamless gatherings, and expansive technology-enabled facilities for meetings and events, along with expert planners who adhere to every detail with high-touch experiences for event attendees.

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.