Hyatt Hotels has 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. The pair will manage Bahia Principe Hotels & Resorts-branded properties and own the Bahia Principe brand. The 50/50 joint venture increases Hyatt’s all-inclusive portfolio, giving guests and World of Hyatt members more opportunities to experience all-inclusive travel.
The agreement brings 22 resorts totaling approximately 12,000 rooms, including 21 resorts under the Bahia Principe Hotels & Resorts brand located across the Dominican Republic, Mexico, Jamaica and Spain, as well as the Cayo Levantado Resort in the Dominican Republic, to Hyatt’s Inclusive Collection. Grupo Piñero is the owner of the resorts managed by the joint venture and is committed to driving the improvement of Bahia Principe hotels through renovation projects as part of its ongoing goals and this transaction. Building on Grupo Piñero’s all-inclusive expertise and thriving European customer base, Hyatt will further contribute to the company’s success and provide expanded opportunities for growth with travelers in the Americas and other key markets.
Bahia Principe’s CEO Julio Pérez assumes leadership of the joint venture, with Grupo Piñero’s current Global CEO Encarna Piñero serving as chairman of the board. Izet Mahalbasic, vice president hotel finance for Hyatt, will join the joint venture as chief financial officer.
This transaction builds on Hyatt’s growth journey in all-inclusive, which started with the creation of the Hyatt Ziva and Hyatt Zilara brands in 2013 and combined with the largest acquisition in Hyatt’s history with Apple Leisure Group in 2021, expanded to more than 140 properties globally across 10 brands in Hyatt’s Inclusive Collection by the end of 2024.
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, visit www.hyatt.com.
This story originally appeared on www.travelagentcentral.com.
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