Hyatt Hotels and Grupo Pinero have finalised a 50/50, long-term, asset-light strategic joint venture which will increase Hyatt’s presence in the all-inclusive market.
The agreement brings 22 resorts – comprising around 12,000 rooms - across the Dominican Republic, Mexico, Jamaica and Spain to Hyatt’s Inclusive Collection.
Headquartered in Palma de Mallorca, the JV will manage Bahia Principe Hotels & Resorts-branded properties and own the Bahia Principe brand. Grupo Piñero is the owner of the resorts managed by the joint venture and will renovate Bahia Principe hotels as part of its ongoing goals and this transaction, with Hyatt to provide expanded opportunities for growth with travellers in the Americas and other key markets.
Bahia Principe’s chief executive officer Julio Pérez will lead the joint venture, with Grupo Piñero’s current global chief executive officer Encarna Piñero to serve as board chair. Vice President Hotel Finance for Hyatt Izet Mahalbasic will join the JV as chief financial officer.
This news comes on the heels of Hyatt inking an exclusivity agreement with Playa Hotels to discuss a potential purchase by Hyatt. Such a merger would significantly expand Hyatt’s presence in the all-inclusive resort market in the Caribbean and Mexico.
What they said
Mark Hoplamazian, president & chief executive officer of Hyatt said: “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. Together we look forward to driving sustainable growth and innovation within the all-inclusive space.”
Encarna Piñero, global CEO of Grupo Piñero & chairman of the board added: “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.”
Julio Pérez, CEO of Bahia Principe added: “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.”