by Lacey Pfalz
Last updated: 1:45 PM ET, Mon October 28, 2024
Hyatt Hotels Corporation has entered a long-term asset-light joint venture with Grupo Piñero and Hyatt affiliates to add the Bahia Principe Hotels & Resorts brand into its Inclusive Collection, which will grow Hyatt’s all-inclusive room portfolio by 30 percent.
The 50/50 joint venture allows Grupo Piñero to manage and own the Bahia Principe brand, headquartered in Palma de Mallorca, Spain, but to include the brand into Hyatt’s World of Hyatt program as part of the company’s Inclusive Collection.
The transaction will be closed within the next few months. Bahia Principe Hotels & Resorts currently has 23 resorts with over 12,000 rooms in destinations across the Dominican Republic, Mexico, Jamaica and Spain. Money from the new partnership will be used to improve existing resorts.
Bahia Principe’s CEO, Julio Pérez, will continue to lead the company under the new agreement, with Encarna Piñero, Grupo Piñero’s Global CEO, serving as Chairman of the Board.
“For Grupo Piñero, the asset-light long-term strategic joint venture with Hyatt will strengthen Bahia Principe’s legacy and represents a clear path to build on its success and growth strategy for the future,” said Encarna Piñero, Global CEO of Grupo Piñero. “Bahia Principe has experienced rapid growth since the opening of our first property in the Dominican Republic nearly 30 years ago.”
“Throughout our journey, we have maintained our core beliefs as a family-owned business, always being faithful to our purpose of seeking to generate a positive social and economic impact for the local communities of the destinations in which we operate,” continued Piñero. “We appreciate and recognize these values in Hyatt’s purpose of care and look forward to the next chapter in Bahia Principe’s bright future.”
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