Hyatt Announces That the Rio Hotel & Casino, Las Vegas has Joined World of Hyatt Amid Multi-Million-Dollar Renovation
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The announcement of the Hyatt Hotels Corporation's renovation and rebranding of the Rio Hotel & Casino signifies a strategic investment in the Las Vegas market, which is known for its high tourism and convention traffic. This expansion will likely enhance Hyatt's competitive position in the region, potentially increasing its market share and attracting a new customer base interested in the unique offerings of the Destination by Hyatt brand.
For investors, this renovation could signal a long-term growth strategy aimed at capitalizing on Las Vegas's recovering tourism industry post-pandemic. With a $340 million investment, the expectation is that this will lead to increased revenue streams from both room bookings and ancillary services once the project is complete. It is essential to monitor the project's progression and any potential impact on Hyatt's financial performance, especially considering the significant capital expenditure involved.
The integration of the World of Hyatt loyalty program with the Rio Hotel & Casino's offerings is a strategic move to leverage brand loyalty and increase customer retention. Loyalty programs are a critical component in the hospitality industry, driving repeat business and fostering a sense of brand community. By allowing members to earn and redeem points, Hyatt is incentivizing guests to choose their properties over competitors.
The renovation's focus on creating a 'paradise for all' with 'thoughtful amenities and friendly service' aligns with industry trends prioritizing personalized experiences and customer satisfaction. The success of this strategy hinges on the execution of the renovation and the ability to deliver on the promised enhancements. The impact on Hyatt's reputation and customer reviews post-renovation will be a key metric to assess the effectiveness of these changes.
Hyatt's investment into the Rio Hotel & Casino renovation needs to be evaluated in terms of return on investment (ROI) and how it aligns with the company's overall financial strategy. The substantial investment suggests confidence in the project's potential to generate significant returns. However, it is critical to assess the opportunity cost of this capital allocation and whether the funds could have been deployed more effectively elsewhere.
Investors should consider the project's timeline and potential risks, such as construction delays or budget overruns, that could affect the expected ROI. The renovation's completion in fall 2024 will likely result in a short-term increase in capital expenditures with the anticipation of long-term revenue growth. It will be important to track subsequent earnings reports and occupancy rates to gauge the project's financial success.
Property-wide, multi-phase transformation is underway at the iconic 2,500-room hotel as it expands Hyatt’s brand footprint in a leading leisure and convention travel market and prepares to transition into the Destination by Hyatt brand this fall
Rio Hotel & Casino, Las Vegas Lifestyle Shot (Photo: Business Wire)
“We’re proud to collaborate with Rio Hotel & Casino on this transformational project to revitalize the iconic hotel as a Destination by Hyatt hotel in a key market like Las Vegas,” said David Tarr, senior vice president of development,
Rio Hotel & Casino, which is owned and operated by Dreamscape, will mark the first Destination by Hyatt hotel in
When complete, the reimagined Rio Hotel & Casino will be completely transformed into a paradise for all. A place of adventure and discovery beyond the Strip, Rio Hotel & Casino renovation includes fresh design, thoughtful amenities, upgraded offerings and friendly service creating a place that is comfortable for everyone to enjoy, find inspiration and be themselves. Phase one renovations began in 2023 and are near completion with extensive upgrades and enhancements to the 1,501-room Ipanema tower, arrival area, building exterior, lobby, gaming floor, sports book, multiple food and beverage outlets, meeting spaces, and outdoor pool area.
Phase two will include a full renovation and redesign of the hotel’s 1,012 Masquerade Tower guestrooms and associated public areas.
"We are thrilled to welcome World of Hyatt members to the Rio Hotel & Casino as we embark on revitalizing this iconic
Redefining the hotel experience for leisure guests and business travelers, the reimagined hotel will welcome guests to enjoy spacious suites with floor-to-ceiling views of the Las Vegas Valley, vibrant dining and nightlife venues for inventive cocktails and cuisine, high-energy casino excitement and world-class entertainment that embodies the true spirit of
Effective March 1, Rio Hotel & Casino is fully participating in the World of Hyatt program allowing members to earn and redeem points for eligible stays in
Centrally located at 3700 W. Flamingo Road, just a short walk from the Las Vegas Strip and a less than 15-minute drive from Harry Reid International Airport, Rio Hotel & Casino provides guests with even more options for exploration, adventure and creativity in the heart of
To learn more about Rio Las Vegas, please visit www.riolasvegas.com.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in
About World of Hyatt
World of Hyatt is Hyatt’s award-winning guest loyalty program uniting participating locations in Hyatt’s Timeless Collection, including in the Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vaction Club®, Hyatt Place®, Hyatt House®, and UrCove brands; Boundless Collection, including in the Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt® brands; Independent Collection, including in The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt® brands; and Inclusive Collection, including in the Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas brands. Members who book directly through Hyatt channels can enjoy personalized care and access to distinct benefits including Guest of Honor, confirmed suite upgrades at time of booking, diverse wellbeing offerings, digital key, and exclusive member rates. With more than 40 million members, World of Hyatt offers a variety of ways to earn and redeem points for hotel stays, dining and spa services, wellbeing focused experiences through the FIND platform; as well as the benefits of Hyatt’s strategic loyalty collaborations with American Airlines AAdvantage® and Small Luxury Hotels of the World™. Travelers can enroll for free at hyatt.com, download the World of Hyatt app for android and IOS devices and connect with World of Hyatt on Facebook, Instagram, TikTok and Twitter.
About Destination by Hyatt
The Destination by Hyatt brand is a diverse collection of independent hotels, resorts and residences that are individual at heart yet connected by a commitment to embody the true spirit of each location. Ranging from upper-upscale to luxury, each property is purposefully crafted to be a place of immersive discoveries, authentic design, and warm and welcoming service. As an honored host, each Destination by Hyatt location connects guests to both people and place—offering a sense of belonging that invites all to make our destination yours. For more information, visit destinationbyhyatt.com. Follow the Destination by Hyatt brand on Instagram: @destinationhotels, Twitter: @Destination, and Facebook: Destination Hotels.
About Dreamscape
Dreamscape’s talented team of real estate professionals has collectively deployed in excess of
About the Rio Hotel & Casino Las Vegas
Located one block off the famed Las Vegas Strip on Flamingo Road, Rio Hotel & Casino Las Vegas features over 2,500 580 Sq. Ft. all-suite guest rooms, 220,000/sf of convention and meeting space, a 5-acre pool area, and a 150,000/sf casino with 40+ tables and 1000+ slot machines. Dreamscape’s plan for the resort’s future includes a property refresh, from dynamic new dining offerings to a variety of entertainment options. Dreamscape’s intent is to preserve the property’s architecture and honor its legacy. The property will remain open throughout the renovations.
Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the rate and the pace of economic recovery following economic downturns; global supply chain constraints and interruptions, rising costs of construction-related labor and materials, and increases in costs due to inflation or other factors that may not be fully offset by increases in revenues in our business; risks affecting the luxury, resort, and all-inclusive lodging segments; levels of spending in business, leisure, and group segments, as well as consumer confidence; declines in occupancy and average daily rate; limited visibility with respect to future bookings; loss of key personnel; domestic and international political and geo-political conditions, including political or civil unrest or changes in trade policy; hostilities, or fear of hostilities, including future terrorist attacks, that affect travel; travel-related accidents; natural or man-made disasters, weather and climate-related events, such as earthquakes, tsunamis, tornadoes, hurricanes, droughts, floods, wildfires, oil spills, nuclear incidents, and global outbreaks of pandemics or contagious diseases, or fear of such outbreaks; the pace and consistency of recovery following the COVID-19 pandemic and the long-term effects of the pandemic, additional resurgence, or COVID-19 variants, including with respect to global and regional economic activity, travel limitations or bans, the demand for travel, transient and group business, and levels of consumer confidence; the ability of third-party owners, franchisees, or hospitality venture partners to successfully navigate the impacts of the COVID-19 pandemic, any additional resurgence, or COVID-19 variants or other pandemics, epidemics or other health crises; our ability to successfully achieve certain levels of operating profits at hotels that have performance tests or guarantees in favor of our third-party owners; the impact of hotel renovations and redevelopments; risks associated with our capital allocation plans, share repurchase program, and dividend payments, including a reduction in, or elimination or suspension of, repurchase activity or dividend payments; the seasonal and cyclical nature of the real estate and hospitality businesses; changes in distribution arrangements, such as through internet travel intermediaries; changes in the tastes and preferences of our customers; relationships with colleagues and labor unions and changes in labor laws; the financial condition of, and our relationships with, third-party property owners, franchisees, and hospitality venture partners; the possible inability of third-party owners, franchisees, or development partners to access the capital necessary to fund current operations or implement our plans for growth; risks associated with potential acquisitions and dispositions and our ability to successfully integrate completed acquisitions with existing operations, including with respect to our acquisition of Apple Leisure Group and Dream Hotel Group and the successful integration of each business; failure to successfully complete proposed transactions (including the failure to satisfy closing conditions or obtain required approvals); our ability to successfully execute on our strategy to expand our management and franchising business while at the same time reducing our real estate asset base within targeted timeframes and at expected values; declines in the value of our real estate assets; unforeseen terminations of our management or franchise agreements; changes in federal, state, local, or foreign tax law; increases in interest rates, wages, and other operating costs; foreign exchange rate fluctuations or currency restructurings; risks associated with the introduction of new brand concepts, including lack of acceptance of new brands or innovation; general volatility of the capital markets and our ability to access such markets; changes in the competitive environment in our industry, including as a result of the COVID-19 pandemic, industry consolidation, and the markets where we operate; our ability to successfully grow the World of Hyatt loyalty program and Unlimited Vacation Club paid membership program; cyber incidents and information technology failures; outcomes of legal or administrative proceedings; and violations of regulations or laws related to our franchising business and licensing businesses and our international operations;; and other risks discussed in the Company’s filings with the
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Emily Mekstan
Hyatt
Emily.mekstan@hyatt.com
Source: Hyatt Hotels Corporation
FAQ
What is the collaboration between Hyatt Hotels Corporation and Rio Hotel & Casino about?
What is the expected completion timeline for phase one of the renovation project?
What brand will the reimagined hotel move into under Hyatt?
Who owns and operates Rio Hotel & Casino?
How many Hyatt hotels will be in the Las Vegas area after the transformation?
