Hyatt and Grupo Piñero Finalize Strategic Joint Venture

International

Deal boosts Hyatt’s all-inclusive platform with more rooms and expanded portfolio, boosts the growth of Grupo Piñero’s hotel division and enhances ability to reach new guests in key markets.

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.