CHICAGO & PALMA DE MALLORCA, Spain–(DWPR)–Hyatt Hotels Corporation (NYSE: H) today announced the completion of an agreement for affiliates of Hyatt and Grupo Piñero to enter a long-term, asset-light strategic joint venture, headquartered in Palma de Mallorca, Spain. This venture will manage Bahia Principe Hotels & Resorts-branded properties and own the Bahia Principe brand, further expanding Hyatt’s all-inclusive portfolio and offering more opportunities for guests and World of Hyatt members to experience all-inclusive travel.
The agreement incorporates 22 resorts with approximately 12,000 rooms, including 21 Bahia Principe Hotels & Resorts properties across the Dominican Republic, Mexico, Jamaica, and Spain, as well as the exclusive Cayo Levantado Resort in the Dominican Republic. Grupo Piñero, as the owner of these resorts, remains dedicated to enhancing the quality of Bahia Principe hotels through continuous renovation projects and strategic planning. This partnership leverages Grupo Piñero’s all-inclusive expertise and Hyatt’s global presence to create opportunities for travelers across key markets.
Bahia Principe’s Chief Executive Officer Julio Pérez will lead the joint venture, with Grupo Piñero’s Global CEO, Encarna Piñero, serving as Chairman of the Board. Hyatt’s Izet Mahalbasic, Vice President of Hotel Finance, will act as Chief Financial Officer.
“This joint venture with Grupo Piñero enhances Hyatt’s all-inclusive platform across multiple dimensions: more rooms, an expanded portfolio, and additional offerings for guests and World of Hyatt members,” said Mark Hoplamazian, President and CEO of Hyatt. “Grupo Piñero has built an exceptional legacy over 50 years, and together we look forward to driving sustainable growth and innovation within the all-inclusive space.”
Encarna Piñero, Global CEO of Grupo Piñero, added, “It is a great honor for Grupo Piñero to embark on this long-term alliance with Hyatt—a groundbreaking model for both companies that promises significant benefits and advancements for our respective strategies.”
Julio Pérez, CEO of Bahia Principe, shared, “Together, we will leverage our strengths to offer an unparalleled all-inclusive experience that will attract travelers from around the world. This milestone marks an important step for our company, and I am confident this collaboration will help us raise the quality and service standards of the hospitality industry.”
Details regarding when and how Bahia Principe Hotels & Resorts will participate in the World of Hyatt loyalty program will be shared at a later date. For more information about Hyatt and Grupo Piñero, visit their respective websites.
Contacts
Hyatt
Robert Martinez
[email protected]
Grupo Piñero
Patricia Reina
[email protected]
Investor Contacts:
Adam Rohman
[email protected]
Ryan Nuckols
[email protected]