CHICAGO—Hyatt Hotels Corporation says that a Hyatt affiliate and affiliates of the Malca family have formed a joint venture to develop and own two hotels in the master planned community of Costa del Este in Panama City, Panama. The hotels will be branded as a Hyatt Place and Hyatt House.

“Panama's economy continues to experience growth and the anticipated expansion and operation of the Panama Canal could result in strong business demand for the next decade.”

Hyatt Place Panama City Costa del Este and Hyatt House Panama City Costa del Este will be part of a mixed use development that will also include approximately 118,000 square feet (11,000 square meters) of commercial space containing both retail and office space. Hyatt Place Panama City Costa del Este will offer 168 guestrooms and Hyatt House Panama City Costa del Este will offer 120 guestrooms, and the hotels will be located in adjacent towers. Construction of the project will begin later this year and both hotels are expected to open in early 2015. The hotels will be the second and third Hyatt-branded hotels to open in Panama City, joining Hyatt Place Panama City, which is expected to open later this year.