Grupo Piñero owns and operates Bahia Principe luxury resorts across the world, including in Jamaica, pictured above (Photo: Bahia Principe)
Global hospitality giant Hyatt Hotels has formalised a strategic joint venture with Mallorca-based luxury hotel company Grupo Piñero bringing the Bahia Principe Hotels & Resorts brand to Hyatt’s existing all-inclusive portfolio.
In a press statement, Hyatt says that the deal boosts Hyatt’s all-inclusive platform with more rooms and expanded portfolio and also boosts the growth of Grupo Piñero’s hotel division and enhances ability to reach new guests in key markets.
The joint venture would be asset-light and headquartered at Palma de Mallorca in Spain, which will manage Bahia Principe Hotels & Resorts-branded properties and own the Bahia Principe brand. The statement adds that 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 totalling 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 exclusive Cayo Levantado Resort in the Dominican Republic, to Hyatt’s Inclusive Collection.
Mark Hoplamazian
The statement adds that Grupo Piñero is the owner of the resorts managed by the joint venture and is committed to driving the continuous 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 travellers in the Americas and other key markets.
According to the statement, Julio Pérez, Chief Executive Officer, Bahia Principe, has assumed leadership of the joint venture, with Encarna Piñero, Global Chief Executive Officer, Bahia Principe will serve as Chairperson of the Board. Izet Mahalbasic, Vice President Hotel Finance for Hyatt, will join the joint venture as Chief Financial Officer.
Encarna Piñero
“This joint venture with Grupo Piñero enhances Hyatt’s all-inclusive platform across multiple dimensions, more rooms, an expanded portfolio and more offerings on more stay occasions for guests and World of Hyatt members. Grupo Piñero has built an exceptional family legacy over the past 50 years, and together we look forward to driving sustainable growth and innovation within the all-inclusive space,” says Mark Hoplamazian, President and Chief Executive Officer, Hyatt.
“It is a great honour 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. We are confident that the combination of our decades of experience as leaders in the all-inclusive sector in the Caribbean and Hyatt’s extensive global all-inclusive platform and systems will drive success for our joint venture,” says Piñero.
Julio Pérez
“I am excited to lead this strategic joint venture with Hyatt as we work to expand the Bahia Principe Hotels & Resorts brand. Together, we will leverage our strengths to offer an unparalleled all-inclusive experience that will attract travellers from around the world. This milestone marks an important step for our company, and I am confident that this collaboration will help us to continue raising the quality and service standards of the hospitality industry,” says Pérez of Bahia Principe.
Hyatt says that this transaction builds on its 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.