The strategic alliance will drive the growth of Grupo Piñero’s hotel division and its ability to reach new customers in key markets, while reinforcing Hyatt’s position as a global leader in the all-inclusive segment.
Palma de Mallorca, Spain – Grupo Piñero and Hyatt Hotels Corporation (NYSE:H) today announced their plan to create a long-term strategic alliance between subsidiaries of both companies for the management of Bahía Principe Hotels & Resorts under the “asset-light” model. The jointly managed company, which will be 50% owned by each party, will be based in Palma de Mallorca and will own the Bahía Principe Hotels & Resorts brand.
For Grupo Piñero, this strategic alliance will build on its long-standing success in the all-inclusive segment, where it has a strong base of European customers, and it expects to provide more opportunities among North American travelers and other important markets.
On the other hand, the long-term strategic alliance is expected to increase Hyatt’s all-inclusive room portfolio by 30%, reinforcing its position as one of the leading global players in the all-inclusive segment.
The transaction is expected to close in the coming months, subject to customary closing conditions. Hyatt will appoint Julio Pérez, the current CEO of Bahía Principe Hotels & Resorts, as the CEO of the joint management company, and Encarna Piñero, the current Global CEO of Grupo Piñero, as chairwoman of the board of directors, along with other positions to be designated later.
Upon closing, 23 resorts—22 from the Bahía Principe Hotels & Resorts brand and its exclusive Cayo Levantado Resort—totaling over 12,000 rooms and located in Mexico, the Dominican Republic, Jamaica, and Spain will be incorporated into Hyatt’s Inclusive Collection. Grupo Piñero will use most of the resources generated by the transaction to renovate the Bahía Principe resorts.
For Encarna Piñero, Global CEO of Grupo Piñero, “this long-term alliance with Hyatt for the asset-light management will strengthen Grupo Piñero’s legacy, representing a clear path forward for its growth. Bahía Principe Hotels & Resorts has experienced rapid expansion since the opening of its first property in the Dominican Republic 30 years ago. During this time, we have upheld our core values as a family business, remaining true to our mission of generating a positive impact on the local communities of the destinations where we operate. We appreciate and recognize these same values in Hyatt’s purpose, and we look forward to taking the next step in the promising future of Bahía Principe.”
“The addition of Bahía Principe resorts to Hyatt’s Inclusive Collection will enhance our all-inclusive offering and strengthen our leadership position, with one of the largest collections of resorts in the world in this segment,” said Mark Hoplamazian, president and CEO of Hyatt. “Grupo Piñero’s family business culture, the values we share, and its experience in the four- and five-star all-inclusive category, combined with Hyatt’s leadership in luxury all-inclusive, will create new opportunities for all Hyatt stakeholders: from guests and World of Hyatt members seeking quality all-inclusive experiences to hotel owners who will benefit from a network effect that attracts more travelers to their portfolios.”
With nearly 50 years of experience, Grupo Piñero has established itself as a reference point in the international tourism industry. The corporate culture of Grupo Piñero closely aligns with Hyatt’s shared values, purpose, and commitment to responsible business practices.
Bahía Principe Hotels & Resorts is expected to join the World of Hyatt loyalty program soon.
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