Global Hyatt Corp. to Build New Five-Start Hotel in Chile

The Global Hyatt Corp. is building a new 138-room five-star hotel, the Park Hyatt Patagonia, as part of Said's Patagonia Virgen resort's $250 million development in the southern Chilean city of Frutillar. The hotel is scheduled to open in 2009 and will sit on the shores of Lake Llanquihue. The "Park" designation in the parlance of the Hyatt hotel chain means that the hotel will aim for luxury. There are 753 Hyatt hotels worldwide, but only 24 belong to the Park line. The new hotel deal is the latest component of the Patagonia Virgen resort, which includes 557 homes, two restaurants, a spa, and an 18-hole golf course designed by Jack Nicklaus.