Hyatt Hotels Corporation announced that a Hyatt affiliate has entered into a franchise agreement with H176 Reykjavík ehf, a fully owned subsidiary of Icelandic real estate company Reitir fasteignafelag hf, to open the first Hyatt branded hotel in Iceland.
Expected to debut in 2022, the 169-room Hyatt Centric Reykjavík will bolster Hyatt’s lifestyle portfolio and the Hyatt Centric brand’s presence in Europe.
Hyatt Centric Reykjavík will offer modern accommodations, three food and beverage outlets, including a pop-up rooftop bar overlooking Iceland’s dynamic capital city, and approximately 2100 square feet (200 square meters) of meeting facilities.
The hotel will be situated on Laugavegur, the main street of Reykjavík, located east of the city center in an area seeing rapid growth. The building will be a redevelopment of what locals know as the former headquarters of the Icelandic National Broadcasting Service.
“Over the past year we have spent a great deal of time understanding the Nordic market and getting to know the hotel developers and owners in Iceland. Hyatt Centric Reykjavík will mark the first Hyatt hotel in Iceland, an important milestone for us,” said Peter Norman, senior vice president of development, Hyatt.
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“Hyatt Centric Reykjavík not only demonstrates our unprecedented growth in the upscale lifestyle segment in Europe, but also our commitment to expand Hyatt’s brand footprint in a market currently dominated by independent, regional players,” he added.
“We are thrilled to be working alongside Hyatt to bring the first Hyatt hotel to Iceland and the Nordics as a whole. Our experience in the Icelandic market and Hyatt’s unique, personalized approach to development is the perfect combination to develop a distinct offering in the city,” said Guðjón Auðunsson, CEO of Reitir fasteignafélag hf.