Hyatt Boosts Brand Presence With New Hyatt Centric Hotel in CA

Core Insights - Hyatt Hotels Corporation has opened the Hyatt Centric Delfina Santa Monica, marking its 101st hotel in California and the sixth Hyatt Centric property in the state [1][2] Expansion and Growth - The company added 18 new hotels (3,251 rooms) to its portfolio in Q2 2024, achieving a net room growth of 4.6% [4] - As of June 30, 2024, Hyatt has a pipeline of approximately 670 hotels (about 130,000 rooms) under executed management or franchise contracts [5] - The company anticipates a year-over-year net room growth of 5.5-6% for 2024, driven by organic growth and conversion opportunities [6] Property Features and Promotions - The new property offers proximity to major attractions like Santa Monica Pier and Venice Beach, and is part of Hyatt's World of Hyatt loyalty program [2] - To celebrate the opening, the hotel will provide a 15% discount for stays between September 18, 2024, and October 31, 2025, with a 17% discount for World of Hyatt members during a specific booking period [2] Refurbishment Plans - A $16 million refurbishment is planned for the Hyatt Centric Delfina Santa Monica, focusing on guest rooms and common areas, set to begin in fall 2024 [3] Stock Performance - Hyatt's shares have increased by 13.7% year-to-date, outperforming the Zacks Hotels and Motels industry's growth of 9.9% [6]