Hyatt Hotels Corporation (NYSE: H) is partnering with the Spanish tourism firm Grupo Piñero on a joint venture to manage the Bahia Principe-branded hotels and resorts and own the Bahia Principe brand.
The joint venture encompasses 23 resorts totaling over 12,000 rooms, with venues located across the Dominican Republic, Mexico, Jamaica, and Spain – the resorts will become part of Hyatt’s Inclusive Collection; Bahia Principe Hotels & Resorts is expected to join the World of Hyatt loyalty program at a later date.
Hyatt plans to appoint Bahia Principe CEO Julio Pérez as the chief executive to lead the management company, with Grupo Piñero’s current Global CEO Encarna Piñero serving as chairman of the board and additional officers to be named at a later time. According to the companies, the 50/50 joint venture is expected to expand Hyatt’s all-inclusive room portfolio by approximately 30%.
“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,” said Mark Hoplamazian, president and CEO of Hyatt. “Grupo Piñero’s family business culture, shared values, and expertise in the four- to five-star all-inclusive category coupled with Hyatt’s leadership in luxury all-inclusive creates powerful opportunities across Hyatt’s business – for guests and World of Hyatt members seeking quality all-inclusive experiences across stay occasions, and for hotel owners who can benefit from the network effect of more travelers within the portfolio.”
“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,” added Encarna Piñero, global CEO of Grupo Piñero. “Bahia Principe has experienced rapid growth since the opening of our first property in the Dominican Republic nearly 30 years ago. Throughout our journey, we have maintained our core beliefs as a family-owned business, always being faithful to our purpose of seeking to generate a positive social and economic impact for the local communities of the destinations in which we operate. 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.”
Photo: The Bahia Principe Grand Jamaica
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