CHICAGO, Illinois, and PALMA DE MALLORCA, Spain—Hyatt Lodges Company introduced the completion of an settlement for associates of Hyatt and Grupo Piñero to enter a long-term three way partnership, headquartered in Palma de Mallorca, Spain, which can handle Bahia Principe Lodges & Resorts-branded properties and personal the Bahia Principe model. The three way partnership will increase Hyatt’s all-inclusive portfolio.
The settlement brings 22 resorts totaling roughly 12,000 rooms, together with 21 resorts underneath the Bahia Principe Lodges & Resorts model positioned throughout the Dominican Republic, Mexico, Jamaica, and Spain, in addition to the Cayo Levantado Resort within the Dominican Republic, to Hyatt’s Inclusive Assortment. Grupo Piñero is the proprietor of the resorts managed by the three way partnership and is dedicated to driving the advance of Bahia Principe motels by means of renovation initiatives as a part of its ongoing objectives and this transaction. Constructing on Grupo Piñero’s all-inclusive data and European buyer base, Hyatt will contribute to the corporate and supply alternatives for development with vacationers within the Americas and different key markets.
Bahia Principe’s CEO Julio Pérez assumed management of the three way partnership, with Grupo Piñero’s present International CEO Encarna Piñero serving as chairman of the Board. Izet Mahalbasic, vp resort finance for Hyatt, will be part of the three way partnership as chief monetary officer.
“This three way partnership with Grupo Piñero enhances Hyatt’s all-inclusive platform throughout a number of dimensions: extra rooms, an expanded portfolio, and extra choices on extra keep events for visitors and World of Hyatt members,” stated Mark Hoplamazian, president and CEO, Hyatt. “Grupo Piñero has constructed an distinctive household legacy over the previous 50 years, and collectively we look ahead to driving sustainable development and innovation throughout the all-inclusive house.”
“It’s a nice honor for Grupo Piñero to embark on this long-term alliance with Hyatt—a groundbreaking mannequin for each firms that guarantees important advantages and developments for our respective methods,” stated Encarna Piñero, international CEO of Grupo Piñero and chairman of the Board. “We’re assured that the mixture of our a long time of expertise as leaders within the all-inclusive sector within the Caribbean and Hyatt’s in depth international all-inclusive platform and techniques will drive success for our three way partnership.”
“I’m excited to steer this strategic three way partnership with Hyatt as we work to develop the Bahia Principe Lodges & Resorts model,” shared Julio Pérez, CEO of Bahia Principe. “Collectively, we are going to leverage our strengths to supply an unparalleled all-inclusive expertise that can appeal to vacationers from world wide. This milestone marks an essential step for our firm, and I’m assured that this collaboration will assist us to proceed elevating the standard and repair requirements of the hospitality business.”
This transaction builds on Hyatt’s journey in all-inclusive, which began with the creation of the Hyatt Ziva and Hyatt Zilara manufacturers in 2013 and mixed with the biggest acquisition in Hyatt’s historical past with Apple Leisure Group in 2021, expanded to greater than 140 properties globally throughout 10 manufacturers in Hyatt’s Inclusive Assortment by the tip of 2024.
Particulars relating to when and the way Bahia Principe Lodges & Resorts will take part within the World of Hyatt loyalty program can be shared at a later date.
