Hyatt Hotels Signs With Reitir to Develop First Hyatt Branded Hotel in Iceland
Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with H176 Reykjavík ehf, a fully owned subsidiary of Icelandic real estate company Reitir fasteignafelag hf, to open the first Hyatt branded hotel in Iceland. Expected to debut in 2022, the 169-room Hyatt Centric Reykjavík will bolster Hyatt's lifestyle portfolio and the Hyatt Centric brand's presence in Europe.
Hyatt Centric Reykjavík will offer modern accommodations, three food and beverage outlets, including a pop-up rooftop bar overlooking Iceland's dynamic capital city, and approximately 2100 square feet (200 square meters) of meeting facilities. With a high proportion of adventurous travelers exploring the Icelandic countryside, Hyatt Centric Reykjavík will boast its own car park for guests to use. Staying true to the Hyatt Centric brand experience, guests will have access to a passionate hotel team, ready to provide local expertise and insider knowledge, ensuring they never miss a moment of adventure.
The hotel will be situated on Laugavegur, the main street of Reykjavík, located east of the city center in an area seeing rapid growth. The building will be a redevelopment of what locals know as the former headquarters of the Icelandic National Broadcasting Service. A 40-minute drive from Iceland's main international airport and a 10-minute walk to the city center, Hyatt Centric Reykjavík will serve as the perfect launch pad for guests wanting to explore the breathtaking natural beauty of "The Land of Fire and Ice."
"Over the past year we have spent a great deal of time understanding the Nordic market and getting to know the hotel developers and owners in Iceland. Hyatt Centric Reykjavík will mark the first Hyatt hotel in Iceland, an important milestone for us," said Peter Norman, senior vice president of development, Hyatt. "Hyatt Centric Reykjavík not only demonstrates our unprecedented growth in the upscale lifestyle segment in Europe, but also our commitment to expand Hyatt's brand footprint in a market currently dominated by independent, regional players."
"We are thrilled to be working alongside Hyatt to bring the first Hyatt hotel to Iceland and the Nordics as a whole. Our experience in the Icelandic market and Hyatt's unique, personalized approach to development is the perfect combination to develop a distinct offering in the city," said Guðjón Auðunsson, CEO of Reitir fasteignafélag hf. "With travelers staying in Iceland for an average of five to eight nights all year round, Hyatt Centric Reykjavík will be the ideal base for guests wanting to enjoy a lifestyle hotel whilst taking in the stunning scenery, whether on a hike in summer or while viewing the Northern Lights in winter."
Hyatt Centric Reykjavík will join the growing Hyatt Centric portfolio in Europe with Hyatt Centric La Rosière, Hyatt Centric Milan Centrale, Hyatt Centric Murano Venice, Hyatt Centric Gran Via Madrid, Hyatt Centric Levent Istanbul and the newly opened Hyatt Centric The Liberties Dublin.