Hyatt Hotels Closing Cerromar Beach Property in Puerto Rico

PUERTO RICO-Hyatt Hotels Corp. said this week it will close its Hyatt Regency Cerromar Beach in Puerto Rico by July 15, 2003. In so doing, Hyatt officials cited “general business climate and the proliferation of newer and more modern competitors” as the reasons for the decision.

The hotel, which has operated for 18 years, is one of two properties Hyatt owns and operates in Puerto Rico. Hyatt said it remains committed to Puerto Rico and will focus its efforts on its other Puerto Rico hotel property, Hyatt Dorado Beach.

After July 15, Hyatt said it will examine the feasibility of converting the Cerromar Beach hotel to a Hyatt Vacation Ownership time share facility. As much as $60 million in financing would need to be arranged to make it happen, according to Hyatt. Hyatt already operates a time-share property on the island, the Hacienda Del Mar.

Employees of the Cerromar property will be reassigned to the Hyatt Dorado Beach or to other Hyatt properties outside of Puerto Rico, the company said.