Hyatt affiliate buys ownership stake in Brazil site of planned development of 408-room hotel

CHICAGO (AP) - An affiliate of Hyatt Hotels Corp. acquired a majority stake in an ocean-front property in Brazil where the company said Tuesday it plans to build a 408-room hotel.

Financial details were not disclosed.

The property is located in Barra da Tijuca, a residential and commercial district of Rio de Janeiro.
Hyatt already has property in Argentina, Brazil, Chile and Mexico.