Hyatt Hotels Corporation announced today that it has finalized an agreement for Hyatt affiliates and Grupo Piñero to form a long-term strategic, small-asset joint venture headquartered in Palma de Mallorca, Spain, which will operate Bahia Principe Hotels & Resorts properties and own the Bahia Principe brand. The 50/50 joint venture expands Hyatt's all-inclusive portfolio, providing more all-inclusive travel options for World of Hyatt guests and members.
The agreement adds 22 resorts with a total of approximately 12,000 rooms, including 21 Bahia Principe Hotels & Resorts branded resorts located in the Dominican Republic, Mexico, Jamaica and Spain, as well as the exclusive Cayo Levantado resort in the Dominican Republic, to the Hyatt Inclusive Collection. Grupo Piñero is the owner of the resorts operated by the joint venture and is committed to the continuous improvement of Bahia Principe hotels through renovation projects as part of its ongoing objectives and this transaction. By leveraging Grupo Piñero's all-inclusive expertise and thriving European customer base, Hyatt will continue to contribute to the company's success and provide expanded growth opportunities with travelers in the Americas and other key markets.
Bahia Principe CEO Julio Pérez takes over as CEO of the joint venture, and current Grupo Piñero global CEO Encarnación Piñero becomes chairman of the board. Izet Mahalbasic, vice president of finance for Hyatt Hotels, will join the joint venture as chief financial officer.
"This joint venture with Grupo Piñero expands Hyatt's all-inclusive platform on several fronts: more rooms, an expanded portfolio and more offers for more lodging options for World of Hyatt guests and members," said Mark Hoplamazian, president and CEO of Hyatt. "Grupo Piñero has built an exceptional family legacy over the past 50 years, and together we look forward to delivering sustainable growth and innovation in the all-inclusive space.
"Grupo Piñero is honored to enter into this long-term alliance with Hyatt, an innovative model for both companies that promises significant benefits and achievements for our respective strategies," said Encarnación Piñero, Grupo Piñero's global CEO and Chairman of the Board. "We are confident that the combination of our long-standing experience as leaders in the all-inclusive sector in the Caribbean and Hyatt's extensive global all-inclusive platform and systems will lead to the success of our joint venture."
"I am delighted to lead this strategic joint venture with Hyatt as we work to expand the Bahia Principe Hotels & Resorts brand," said Julio Perez, CEO of Bahia Principe. "Together, we will leverage our strengths to offer an unparalleled integrated experience that will attract travelers from around the world. This milestone marks an important step for our company, and I am confident that this collaboration will help us continue to raise the quality and standards of service in the hospitality industry."
This transaction is a continuation of Hyatt's growth in the all-inclusive segment, which began with the creation of the Hyatt Ziva and Hyatt Zilara brands in 2013 and, combined with Hyatt's largest-ever acquisition of Apple Leisure Group in 2021, has expanded to more than 140 properties worldwide under 10 brands in the Hyatt Inclusive collection by the end of 2024.
Detailed information on when and how Bahia Principe Hotels & Resorts will participate in the World of Hyatt loyalty program will be published later.
