Hyatt Hotels and Spanish tourism group Grupo Pinero are set to enter a long-term asset-light strategic joint venture which will manage Principe-branded hotels and resorts and own the Bahia Principe brand.
The 50/50 joint venture is expected to expand Hyatt’s all-inclusive room portfolio by around 30 per cent, with the transaction expected to close in the coming months.
Upon closing, 23 resorts – totaling over 12,000 rooms – including 22 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 will be added to Hyatt’s Inclusive Collection.
Hyatt plans to appoint Bahia Principe’s current chief executive officer Julio Pérez as chief executive officer to lead the management company following close, with Grupo Piñero’s current global chief executive officer Encarna Piñero to serve as chairman of the board.
What they said
Mark Hoplamazian, president & chief executive officer of Hyatt said: “The addition of Bahia Principe’s resorts to Hyatt’s Inclusive Collection will enhance Hyatt’s all-inclusive offering and strengthen our leadership position with one of the largest collections of all-inclusive resorts in the world. Grupo Piñero’s family business culture, shared values, and expertise in the 4 to 5-star all-inclusive category coupled with Hyatt’s leadership in luxury all-inclusive creates powerful opportunities across Hyatt’s business.”
Encarna Piñero, global CEO of Grupo Piñero added: “For Grupo Piñero, the asset-light long-term strategic joint venture with Hyatt will strengthen Bahia Principe’s legacy and represents a clear path to build on its success and growth strategy for the future. Bahia Principe has experienced rapid growth since the opening of our first property in the Dominican Republic nearly 30 years ago. We appreciate and recognize these values in Hyatt’s purpose of care and look forward to the next chapter in Bahia Principe’s bright future.”