Hospitality company Hilton Worldwide plans to open 40 hotels and resorts in Latin America by the end of 2016, in a bid to expand its portfolio in the region by approximately 60% within the next two years.

The group is seeking to develop Hampton Hotels and Hilton Garden Inn brands, which currently represent approximately 75% of the Latin America development pipeline.

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As of second quarter of 2014, Hilton Worldwide has nearly 12,000 rooms at 62 hotels and resorts throughout Latin America, including recent openings such as the 347-room Hilton Panama and the 105-room Hampton by Hilton Cali in Colombia.

"Latin America is a dominant player in this growth and we are committed to continuing this trend in the region."

The company signed a new strategic development agreement in Chile to bring a number of Hampton Hotels to the country. There are also plans to add several new projects to the Mexico pipeline, including three Hampton Hotels and one Hilton Garden Inn signed earlier this month.

Hilton Worldwide senior vice-president Tom Potter said: "Hilton Worldwide continues experiencing a period of remarkable global growth as one of the industry’s largest and fastest growing hospitality companies. Latin America is a dominant player in this growth and we are committed to continuing this trend in the region.

"With stable and growing economies, Latin America affords tremendous opportunities and we have the right team in place to continue introducing the right brands to target markets with significant potential for growth."

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Since 2013, Hilton Worldwide has added eight hotels and more than 1,400 rooms to the Latin America portfolio.

Hilton Worldwide operates more than 4,200 managed, franchised, owned and leased hotels in 93 countries and territories.