Hyatt Hotels Corporation has announced plans for a long-term asset-light strategic joint venture with Grupo Piñero, headquartered in Palma de Mallorca, Spain, to manage Bahia Principe-branded hotels and resorts and own the Bahia Principe brand. The 50/50 joint venture is expected to expand Hyatt’s all-inclusive room portfolio by approximately 30 percent and enhance Hyatt’s position as one of the leading providers of all-inclusive offerings across the world.
For Grupo Piñero, this strategic venture will build on the company’s longstanding success in all-inclusive hospitality with a robust European customer base and is expected to provide expanded opportunities with travelers in the Americas and other important markets.
Hyatt plans to appoint Bahia Principe’s current chief executive officer Julio Pérez as chief executive officer to lead the management company following close, with Grupo Piñero’s current CEO Encarna Piñero serving as chairman of the board and additional officers to be named at a later time. Upon closing, 23 resorts, totaling over 12,000 rooms, including 22 resorts under the Bahia Principe Hotels & Resorts brand located across the Dominican Republic, Mexico, Jamaica, and Spain, as well as the exclusive Cayo Levantado Resort in the Dominican Republic will be added to Hyatt’s Inclusive Collection.
A majority of the proceeds from this transaction will be leveraged by Grupo Piñero to enhance existing Bahia Principe resorts. The transaction is anticipated to close in the coming months subject to customary closing conditions.
With a history of almost 50 years, Grupo Piñero has established itself as a benchmark in the tourism industry internationally. Grupo Piñero’s company culture aligns closely with Hyatt’s values, purpose, and a shared commitment to responsible business.
Bahia Principe Hotels & Resorts is expected to join the World of Hyatt loyalty program at a later date.
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