Hyatt Hotels has formed a 50/50 joint venture with Spanish travel group Grupo Pinero to add 22 resorts and approximately 12,000 rooms to its all-inclusive hotel portfolio.
According to this agreement, Announced in Octoberthe pair will manage the Bahia Principe brand of hotels and resorts and co-own the Bahia Principe brand.
The move brings 21 Bahia Principe resorts in the Dominican Republic, Mexico, Jamaica and the Spanish Islands, as well as Isla Levantado Resort in the Dominican Republic, into the Hyatt All-Inclusive Collection.
Grupo Pinero retains ownership of the resort property.
The joint venture, headquartered in Palma de Mallorca, is led by Julio Perez, current CEO of Bahia Principe, and chaired by Encarna Pinero, global CEO of Grupo Pinero. Izet Mahalbasic, Hyatt’s vice president of finance, has been named chief financial officer.
The deal comes as Hyatt Hotels is rapidly expanding its all-inclusive business. The hospitality giant began its foray into the space in 2013. Hyatt Ziva and Hyatt Zilara debut concept, then significantly expanded its scope through its 2021 Acquisition of Apple Leisure Group.
Hyatt’s all-inclusive collection includes 10 brands and more than 140 hotels.
Hyatt Hotels is also currently exclusive Negotiations with Praia Hotels and Resortswhich could lead to acquisitions.
Founded in 1975, family-owned Grupo Pinero operates several business units including hotels, golf industry and tourism through its Soltour brand.
