Saturday, December 28, 2024 Hyatt Hotels Corporation has officially completed an agreement to form a 50/50 asset-light joint venture with Grupo Piñero, headquartered in Palma de Mallorca, Spain. This strategic partnership will oversee Bahia Principe Hotels & Resorts-branded properties and manage the Bahia Principe brand, expanding Hyatt’s all-inclusive offerings and providing guests, along with World of Hyatt members, with more opportunities for immersive travel experiences. The joint venture encompasses 22 resorts, with approximately 12,000 rooms, including 21 Bahia Principe-branded properties across the Dominican Republic, Mexico, Jamaica, and Spain.
It also incorporates the exclusive Cayo Levantado Resort in the Dominican Republic into Hyatt’s Inclusive Collection. Grupo Piñero, the owner of these properties, will continue enhancing the Bahia Principe brand through renovation initiatives as part of its ongoing strategy. With its expertise in the all-inclusive market and strong European customer base, Grupo Piñero will benefit from Hyatt’s global reach and expansive growth potential in the Americas and other key regions.
Julio Pérez, CEO of Bahia Principe, will take the helm of the new joint venture, while Encarna Piñero, Grupo Piñero’s CEO, will serve as the Chairman of the Board. Izet Mahalbasic, Hyatt’s Vice President of Hotel Finance, will join as the venture’s Chief Financial Officer, ensuring a solid financial strategy for the partnership’s s.
