Hyatt Hotels Corporation announced the completion of an agreement for affiliates of Hyatt and Grupo Piñeroto 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 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.
Hyatt Hotels Corporation is a global hospitality company. Its portfolio of properties consists of full-service hotels and resorts, select service hotels, all-inclusive resorts, and other properties, including timeshare, fractional, and other forms of residential and vacation units. Its offering includes brands in the Timeless Collection, including Park Hyatt, Grand Hyatt, Hyatt Vacation Club, Hyatt Place, Hyatt House, and UrCove, among others; the Boundless Collection, including Miraval, Alila, Andaz, Thompson Hotels, Dream Hotels, and others; the Independent Collection, including The Unbound Collection by Hyatt, Destination by Hyatt, and JdV by Hyatt; and the Inclusive Collection, including Impression by Secrets, Hyatt Ziva, Hyatt Zilara, Zoetry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas. It also owns Standard International and its hotel brands.
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