Source: HyattHyatt’s New Venture Adds 23 All-Inclusive Properties
Hyatt announced today a 50/50 joint venture with Grupo Piñero which is expected to expand Hyatt’s all-inclusive room portfolio by approximately 30 precent.
The new venture, headquartered in Palma de Mallorca, Spain, will manage Bahia Principe-branded hotels and resorts and own the Bahia Principe brand.
The transaction is anticipated to close in the coming months subject to customary closing conditions. Hyatt plans to appoint Bahia Principe’s current Chief Executive Officer Julio Pérez as Chief Executive Officer to lead the management company following close.
Hyatt guests will soon gave access to 23 resorts, totaling over 12,000 rooms. They include 22 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 which will be added to Hyatt’s Inclusive Collection.
“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 Hyatt’s President and Chief Executive Officer Mark Hoplamazian in a statement. “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.”
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