Leading hotelier, Hyatt Hotels Corporation (H) has inked an agreement with Badriah Investments B.V. to develop a hotel within Neues Schloss, the New Castle in Baden-Baden, Southwestern Germany. The Neues Schloss Baden-Baden hotel will undergo renovation in order to transform the historic castle to a hotel. This hotel under the Hyatt brand is scheduled to open in 2018.
Post-restoration, the property will have 146 guestrooms, 590,000 square feet of historic grounds and parkland, a spa, a pool, a bar and a fitness center. Previously, Baden Baden was the residence of military commanders who protected the borders of the Holy Roman Empire and later became residence of the Grand Dukes of Baden during summers. It is located in the northern foothills of the Black Forest and is well known for its Roman baths and thermal spas. Located close to the borders of Switzerland and France, it is home to one of Germany’s oldest casinos. The interesting history and strategic location of Baden-Baden, justifies the company’s decision of opening a property here.
This hotel will be the seventh Hyatt-branded hotel in Germany following Grand Hyatt Berlin, Park Hyatt Hamburg, Hyatt Regency Cologne, Hyatt Regency Dusseldorf, Hyatt Regency Mainz, and Andaz Munich (set to open in 2017).
Hyatt Hotels is consistently trying to expand its global presence. The company has its hotels worldwide including locations in China, India, Latin America, Europe, the Middle East, and the United States. Recently, the company inked an agreement with Tavros Investment Holding, a real estate development firm to open a hotel in Almaty, Kazakhstan under the Hyatt Regency brand. The hotel is slated to open in 2017.
Hyatt currently carries a Zacks Rank #3 (Hold). Better-performing stocks in the hotel industry include Intercontinental Hotels Group plc (IHG), Marriott Vacations Worldwide Corp. (VAC) and Wyndham Worldwide Corporation (WYN). All these stocks carry a Zacks Rank #2 (Buy).
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