Hyatt Expands All-Inclusive Offerings with New Strategic Partnership in Spain

Friday, December 27, 2024

Today, Hyatt Hotels Corporation (NYSE: H) unveiled the completion of a strategic collaboration with Grupo Piñero, launching a long-term, asset-light joint venture based in Palma de Mallorca, Spain. This venture will manage properties branded under Bahia Principe Hotels & Resorts and acquire ownership of the Bahia Principe brand itself. This partnership, split evenly between Hyatt and Grupo Piñero, will enhance Hyatt’s all-inclusive offerings, providing greater options for guests and World of Hyatt members to enjoy all-inclusive vacations.

The joint venture encompasses 22 resorts with around 12,000 rooms in total. This includes 21 properties under the Bahia Principe Hotels & Resorts umbrella situated in the Dominican Republic, Mexico, Jamaica, and Spain, plus the distinctive Cayo Levantado Resort in the Dominican Republic, now part of Hyatt’s Inclusive Collection. Grupo Piñero, which owns the resorts, pledges to continue enhancing the Bahia Principe properties with renovations and upgrades as part of its ongoing commitment to excellence.

Julio Pérez, previously CEO of Bahia Principe, will head the new joint venture, with Encarna Piñero, Grupo Piñero’s Global CEO, taking the role of Chairman of the Board. Additionally, Izet Mahalbasic, formerly Vice President of Hotel Finance at Hyatt, has been appointed as the Chief Financial Officer of the joint venture.

“This joint venture with Grupo Piñero enhances Hyatt’s all-inclusive platform across multiple dimensions: more rooms, an expanded portfolio and more offerings on more stay occasions for guests and World of Hyatt members,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt. “Grupo Piñero has built an exceptional family legacy over the past 50 years, and together we look forward to driving sustainable growth and innovation within the all-inclusive space.”

“It is a great honor for Grupo Piñero to embark on this long-term alliance with Hyatt—a groundbreaking model for both companies that promises significant benefits and advancements for our respective strategies,” said Encarna Piñero, Global CEO of Grupo Piñero and Chairman of the Board. “We are confident that the combination of our decades of experience as leaders in the all-inclusive sector in the Caribbean and Hyatt’s extensive global all-inclusive platform and systems will drive success for our joint venture.”

“I am excited to lead this strategic joint venture with Hyatt as we work to expand the Bahia Principe Hotels & Resorts brand,” shared Julio Pérez, CEO of Bahia Principe. “Together, we will leverage our strengths to offer an unparalleled all-inclusive experience that will attract travelers from around the world. This milestone marks an important step for our company, and I am confident that this collaboration will help us to continue raising the quality and service standards of the hospitality industry.”

This partnership marks a significant milestone in Hyatt’s expansion into the all-inclusive market, which began with the launch of the Hyatt Ziva and Hyatt Zilara brands in 2013 and grew substantially with the acquisition of Apple Leisure Group in 2021. By the close of 2024, Hyatt’s Inclusive Collection is expected to encompass over 140 properties globally across 10 different brands.

Further details on how Bahia Principe Hotels & Resorts will integrate into the World of Hyatt loyalty program will be announced in the future.

Share On:

Tags: All-Inclusive Resorts, Bahia Principe Hotels & Resorts, Grupo Piñero, Hospitality Industry, Hyatt Hotels, luxury travel