Hyatt Expands Thompson Hotels Brand Portfolio With New Hotels
Hyatt Hotels Corporation H is planning to open two new properties — Thompson Savannah and Thompson Buckhead — in an effort to expand Thompson Hotels brand. Both the properties are expected to open in Georgia in 2021. These will join four other Thompson hotels already under development that includes Dallas, Houston, San Antonio and Austin, TX.
Crystal Vinisse Thomas, Hyatt’s director of Global Lifestyle Brands said “We are excited to announce the future openings of six new Thompson hotels in Georgia and Texas, which, together with Thompson Nashville, will bolster the brand’s presence in the Southern US.”
Thompson Dallas, which is being developed by Todd Interests, is expected to open in fall 2020. Moreover, Thompson San Antonio, Thompson Austin and Thompson Houston are expected to open by November 2020, mid-2021 and 2023, respectively.
Expansion to Spur Growth
Hyatt, which shares space with Hilton Worldwide Holdings Inc. HLT, Choice Hotels International, Inc. CHH and Marriott Vacations Worldwide Corporation VAC, operates in an intensely competitive market. In an effort to counter competition, it continues to expand presence domestically and internationally.
The company also has expansion plans in the Asia Pacific, Europe, Africa, Middle East and Latin America. It also looks forward to expand in diverse international markets like Australia, Brazil, Germany, the U.K., Indonesia, Japan, Mexico, Saudi Arabia, Singapore, Thailand, the Netherlands and others. This should help it gain market share in the hospitality industry, thereby boosting business.
Price Performance
Shares of Hyatt have declined 44.4% year to date, against the industry’s decline of 34.7%. The COVID-19 pandemic and related travel restrictions and other containment efforts have had a significant impact on the company. Moreover, the company has discontinued all share repurchase activity and suspended dividend payments owing to the uncertainty of the crisis. Notably, the suspension of share repurchases and dividend payments will continue through the first quarter of 2021.
Hyatt currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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