Share to Facebook Share to Twitter Share to Linkedin ALL-IN: The Bahia Principe Fantasia Tenerife in Spain's Canary Islands is now part of the Hyatt family. A lready the global leader in all-inclusive resorts, Hyatt Hotels is once again doubling down on the segment by bringing in nearly a dozen properties from a hotel brand that is well-known to sun lovers. The Chicago-based hospitality company announced on Monday a new, long-term 50-50 joint venture with the Spanish hotel operator Grupo Piñero that will add 23 resorts to Hyatt’s all-inclusive portfolio, growing it by nearly a third.
The properties include 22 properties in the Bahia Principe Hotels & Resorts stable—comprising over 12,000 rooms—mainly in sun-soaked destinations such as the Dominican Republic, Mexico, and Jamaica. Also included in the deal is the Cayo Levantado Resort in the Dominican Republic. Grupo Piñero, run by the same family since 1975, will continue to own and manage the Bahia Principe brand from its headquarters in Palma de Mallorca.
In its first-quarter earnings report this year, the group reported net profits of $89 million, a 21% increase compared to the same quarter in 2023. As of April, Bahia Principe boasted an 85% occupancy rate in the global market, significantly exceeding the 69% average. In a statement, Hyatt CEO Mark Hoplamazian said folding the Bahia Principe resorts into Hyatt’s Inclusive Collection would “strengthen our leadership position” in the all-inclusive space, addin.
