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Hyatt To Invest $230M on Mexico City Hotel

MEXICO CITY-The Chicago-based firm has purchased the Hotel Nikko Mexico for $190 million and will rebrand, part of Hyatt’s Latin American investment to 20 properties.

By Robert Carr | Updated on May 22, 2012

MEXICO CITY-As hotel investors are increasingly looking to Latin America for purchases and new developments, Chicago-based Hyatt Hotels Corp. has completed its buy of the Hotel Nikko Mexico from Japan-Mexico Hotel Investment Co. for $190 million. The property, which will be rebranded as Hyatt Regency Mexico City, is one of 20 properties the company will have open in Latin America by 2016 as an expansion into the region.

Steve Haggerty, global head of real estate and development for Hyatt, said in a statement that the local purchase is the first step in expanding the presence of the company’s hotels throughout South America. The firm plans to spend $40 million to renovate the local hotel, and will spend much more on 12 more new hotels in Mexico, Costa Rica, Brazil, Panama, Columbia and Chile. The company already operates eight properties in Argentina, Brazil, Chile and Mexico.

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