Hyatt Hotels Corporation has completed an agreement for affiliates of Hyatt and Grupo Piñero to enter a long-term, asset-light strategic joint venture that will manage Bahia Principe Hotels & Resorts-branded properties and own the Bahia Principe brand.

The joint-venture agreement was first announced in October 2024.

The agreement brings 22 resorts totaling approximately 12,000 rooms to Hyatt’s Inclusive Collection, including 21 resorts under the Bahia Principe Hotels & Resorts brand located across the Dominican Republic, Mexico, Jamaica and Spain, as well as the Cayo Levantado Resort in the Dominican Republic. 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, according to the company.

Bahia Principe’s CEO Julio Pérez assumes leadership of the joint venture, with Grupo Piñero’s current Global CEO Encarna Piñero serving as chairman of the board. Izet Mahalbasic, VP, hotel finance, Hyatt, will join the joint venture as CFO.

“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/CEO, 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.”

Encarna Piñero added, “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. 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.”

Pérez shared, “I am excited to lead this strategic joint venture with Hyatt as we work to expand the Bahia Principe Hotels & Resorts brand. 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.”

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.

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