Tourexpi
Hyatt and Grupo Piñero Finalize Strategic Joint Venture
Hyatt Hotels Corporation (NYSE:
H) today announced the completion of an agreement for affiliates of Hyatt
and Grupo
Piñero to enter a long-term, asset-light strategic joint venture,
headquartered in Palma de Mallorca, Spain, which will manage Bahia Principe
Hotels & Resorts-branded properties and own the Bahia Principe brand. The
50/50 joint venture increases Hyatt’s all-inclusive portfolio giving guests and
World of Hyatt members more opportunities to experience all-inclusive
travel.
The
agreement brings 22 resorts totaling approximately 12,000 rooms, including 21
resorts under the Bahia Principe Hotels & Resorts brand located across the
Dominican Republic, Mexico, Jamaica, and Spain, as well as the exclusive Cayo
Levantado Resort in the Dominican Republic, to Hyatt’s Inclusive Collection.
Grupo Piñero is the owner of the resorts managed by the joint venture and is
committed to driving the continuous improvement of Bahia Principe hotels
through renovation projects as part of its ongoing goals and this transaction.
Building on Grupo Piñero’s all-inclusive expertise and thriving European
customer base, Hyatt will further contribute to the company’s success and
provide expanded opportunities for growth with travelers in the Americas and other
key markets.
Bahia
Principe’s Chief Executive Officer Julio Pérez assumes leadership of the joint
venture, with Grupo Piñero’s current Global Chief Executive Officer Encarna
Piñero serving as Chairman of the Board. Izet Mahalbasic, Vice President Hotel
Finance for Hyatt, will join the joint venture as Chief Financial Officer.
“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,” said Mark
Hoplamazian, President and Chief Executive Officer, Hyatt. “Grupo Piñero has
built an exceptional family legacy over the past 50 years, and together we look
forward to driving sustainable growth and innovation within the all-inclusive
space.”
“It
is a great honor for Grupo Piñero to embark on this long-term alliance with
Hyatt—a groundbreaking model for both companies that promises significant
benefits and advancements for our respective strategies,” said Encarna Piñero,
Global CEO of Grupo Piñero and Chairman of the Board. “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."
“I
am excited to lead this strategic joint venture with Hyatt as we work
to expand the Bahia Principe Hotels & Resorts brand,” shared Julio
Pérez, CEO of Bahia Principe. “Together, we will leverage our strengths to
offer an unparalleled all-inclusive experience that will attract travelers from
around the world. This milestone marks an important step for our company, and I
am confident that this collaboration will help us to
continue raising the quality and service standards of the hospitality
industry.”
This
transaction builds on Hyatt’s growth journey in all-inclusive, which started
with the creation of the Hyatt Ziva and Hyatt Zilara brands in 2013 and
combined with the largest acquisition in Hyatt’s history with Apple Leisure
Group in 2021, expanded to more than 140 properties globally across 10 brands
in Hyatt’s Inclusive Collection by the end of 2024.
Details
regarding when and how Bahia Principe Hotels & Resorts will participate in
the World of Hyatt loyalty program will be shared at a later date.
Image
Credit: © Hyatt Hotels Corporation
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