Hyatt affiliate willl manage new hotel in Curridabat center

Hyatt Hotels Corp. said Wednesday that an affiliate has signed an agreement with Hotelera Pinares, S. A., a subsidiary of Strategic Hospitality Investments Corp., to manage Hyatt Place San Jose Pinares, a Hyatt Place hotel in Curridabat.

The new property, the second Hyatt Place under development in Latin America, will be part of Plaza Momentum Pinares, a mixed-use commercial complex being developed on the east side of San José that will include an approximately 97,000 square foot office tower, a 48,000 square foot medical building, a movie theatre, and shopping mall with 75,000 square feet of retail space.

It is located in Pinares de Curridabat north of the Autopista Florencio del Castillo and just west of the Hipermás store.

A Hyatt affiliate will manage the 120-room Hyatt Place, which is expected to open in mid-2012. It will be the first internationally branded hotel on the east side of San Jose.

“Hyatt is actively looking to grow its Hyatt Place brand throughout Latin America and we are excited to be working with Strategic Hospitality Investments Corporation
on our first Hyatt Place project in Central America,” said Pat McCudden, Hyatt Hotels & Resorts’ senior vice president of development for Latin America and the Caribbean.

Hyatt Place hotels are under development in the U.S., India, and Panama. Hyatt’s current Latin America portfolio includes hotels in Argentina, Brazil, Chile, and Mexico.

Momentum Pinares is being developed through a joint venture with Desarrolladores 506, a company with over 30 years of experience in urban design and construction in Costa Rica, said Hyatt.

Strategic Hospitality Investments Corporation is part of the hotel division managed by Grupo Cuestamoras, which is engaged in the development of a hotel portfolio in Costa Rica and other countries in Latin America. Strategic Hospitality Investments Corp. has engaged Sinergo Development Group to develop its hotel portfolio.

Sinergo Development Group has over 20 years of experience in the hotel development and asset management business, Hyatt said.

Hyatt Hotels Corp. is headquartered in Chicago.

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