Hyatt, Grupo Pinero finalize strategic joint venture

Hyatt (H) Hotels announced the completion of an agreement for affiliates of Hyatt and Grupo Pinero 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 Pinero 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 Pinero’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,” the company stated.