Grupo Piñero and Hyatt Hotels Corporation have revealed plans for its affiliates to enter into a long-term asset-light strategic joint venture, headquartered in Palma de Mallorca, Spain.

The 50/50 joint venture will manage Bahia Principe-branded hotels and resorts and own the Bahia Principe brand, allowing Grupo Piñero to build on the company’s longstanding success in all-inclusive hospitality and expand opportunities for travellers in the Americas and other important markets. 

“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,” stated 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 recognise these values in Hyatt’s purpose of care and look forward to the next chapter in Bahia Principe’s bright future,” he added. 

For Hyatt, the joint venture should expand its all-inclusive roomportfolio by approximately 30 per cent and strengthen its position as a leading provider of all-inclusive offerings globally.   

The transaction is anticipated to close in the coming months subject to customary closing conditions. Upon closing, 23 resorts with 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 exclusive Cayo Levantado Resort in the Dominican Republic will be added to Hyatt’s Inclusive Collection. A majority of the funds from this transaction will be leveraged by Grupo Piñero to enhance existing Bahia Principe resorts.

“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 chief executive officer, 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.” 

Bahia Principe Hotels & Resorts will join the World of Hyatt loyalty programme at a later date. 

Hyatt, in the meantime, plans to appoint Bahia Principe’s current Chief Executive Officer Julio Pérez 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 and additional officers to be named at a later time. 

In Jamaica, Hyatt has the Ziva and Zilara resorts in Rose Hall, St James, and the Breathless and Secrets resorts under the Inclusive Collection (formerly AMR Resorts) in Montego Bay in the same parish. Both Ziva and Zilara are managed by Playa Hotels and Resorts.