Some months ago, it was announced that Hyatt would be taking over the Hotel Palace de Muro, a five-star hotel by the beach in Playa de Muro and opposite the entrance to the Albufera Nature Park. This was confirmed last week, the transaction to purchase the hotel from the Mallorca-based Globalia group (Be Live Hotels) having been conducted through the Swiss investment firm Stoneweg.
Javier Coll, who is Global Head of Hyatt Inclusive Collection, says that the Muro acquisition is part of a strategy to buy from companies, usually family-owned, who are no longer interested in operating hotels. "That's where we come in." In the case of Globalia and the Hidalgo family, the greater publicity has surrounded the sale of Air Europa to Iberia (IAG).
Coll adds that Mallorca and the Balearics can play a very important role in expansion planned by Hyatt: "The growth potential is very great. Our ideal would be to continue entering with luxury hotels like the one in Paguera (Villamil Resort & Spa), but there is a significant limitation on this type of establishment, so we are going to have to adapt to what we are negotiating. But if we could choose, it would be five-star growth."
Hyatt is not the only North American group to have a presence in Mallorca. Marriott and Hilton and, as from June this year, Canada's Four Seasons with the Hotel Formentor, indicate the interest that there is in Mallorca and the Balearics from across the Atlantic, whether it be outright acquisition (typically with investment fund backing) or management arrangements. Hyatt is open to either possibility.
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