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HYATT AND GRUPO PIÑERO ANNOUNCE PLANS TO FORM STRATEGIC VENTURE FOR GROWTH OF BAHIA PRINCIPE HOTELS & RESORTS BRAND

Strategic joint venture will strengthen Hyatt’s position as a global leader in the all-inclusive space and boost the growth of Grupo Piñero's hotel division and its ability to reach new clients in key markets.

HYATT AND GRUPO PIÑERO ANNOUNCE PLANS TO FORM STRATEGIC VENTURE FOR GROWTH OF BAHIA PRINCIPE HOTELS & RESORTS BRAND

Strategic joint venture will strengthen Hyatt’s position as a global leader in the all-inclusive space and boost the growth of Grupo Piñero's hotel division and its ability to reach new clients in key markets.

Catégorie : Monde - Économie du secteur - Nouvelles enseignes et affiliations
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 29-10-2024

Bahia Principe Grand Jamaica
Crédit photo © Hyatt Hotels & Resorts

Hyatt Hotels Corporation (NYSE: H) today announced plans for affiliates of Hyatt and Grupo Piñero to enter into a long-term asset-light strategic joint venture, headquartered in Palma de Mallorca, Spain, which will manage Bahia Principe-branded hotels and resorts and own the Bahia Principe brand.

The 50/50 joint venture is expected to expand Hyatt’s all-inclusive room portfolio by approximately 30% and enhance Hyatt’s position as one of the leading providers of all-inclusive offerings across the world.

For Grupo Piñero, this strategic venture will build on the company’s longstanding success in all-inclusive hospitality with a robust European customer base and is expected to provide expanded opportunities with travelers in the Americas and other important markets.

The transaction is anticipated to close in the coming months subject to customary closing conditions.

Hyatt plans to appoint Bahia Principe’s current Chief Executive Officer Julio Pérez as Chief Executive Officer to lead the management company following close, with Grupo Piñero’s current Global Chief Executive Officer Encarna Piñero serving as Chairman of the Board and additional officers to be named at a later time.

Upon closing, 23 resorts, totaling over 12,000 rooms, including 22 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 will be added to Hyatt’s Inclusive Collection.

A majority of the proceeds from this transaction will be leveraged by Grupo Piñero to enhance existing Bahia Principe resorts.

“The addition of Bahia Principe’s resorts to Hyatt’s Inclusive Collection will enhance Hyatt’s all-inclusive offering and strengthen our leadership position with one of the largest collections of all-inclusive resorts in the world,” said Mark Hoplamazian, President and Chief Executive Officer, Hyatt.

“Grupo Piñero’s family business culture, shared values, and expertise in the four- to five-star all-inclusive category coupled with Hyatt’s leadership in luxury all-inclusive creates powerful opportunities across Hyatt’s business – for guests and World of Hyatt members seeking quality all-inclusive experiences across stay occasions, and for hotel owners who can benefit from the network effect of more travelers within the portfolio.”

“For Grupo Piñero, the asset-light long-term strategic joint venture with Hyatt will strengthen Bahia Principe’s legacy and represents a clear path to build on its success and growth strategy for the future,” said Encarna Piñero, Global CEO of Grupo Piñero.

“Bahia Principe has experienced rapid growth since the opening of our first property in the Dominican Republic nearly 30 years ago. Throughout our journey, we have maintained our core beliefs as a family-owned business, always being faithful to our purpose of seeking to generate a positive social and economic impact for the local communities of the destinations in which we operate. We appreciate and recognize these values in Hyatt’s purpose of care and look forward to the next chapter in Bahia Principe’s bright future.”

With a history of almost 50 years, Grupo Piñero has established itself as a benchmark in the tourism industry internationally. Grupo Piñero’s company culture aligns closely with Hyatt’s values, purpose, and a shared commitment to responsible business.

Bahia Principe Hotels & Resorts is expected to join the World of Hyatt loyalty program at a later date.

The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About Hyatt Hotels Corporation

Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company guided by its purpose – to care for people so they can be their best. As of June 30, 2024, the Company’s portfolio included more than 1,350 hotels and all-inclusive properties in 78 countries across six continents. The Company's offering includes brands in the Timeless Collection, including Park Hyatt, Grand Hyatt, Hyatt Regency, Hyatt, Hyatt Vacation Club, Hyatt Place, Hyatt House, Hyatt Studios, and UrCove; the Boundless Collection, including Miraval, Alila, Andaz, Thompson Hotels, Dream Hotels, Hyatt Centric, and Caption by Hyatt; 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, Zoëtry Wellness & Spa Resorts, Secrets Resorts & Spas, Breathless Resorts & Spas, Dreams Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts, and Sunscape Resorts & Spas. Subsidiaries of the Company operate the World of Hyatt loyalty program, ALG Vacations, Mr & Mrs Smith, Unlimited Vacation Club, Amstar DMC destination management services, and Trisept Solutions technology services.

About Grupo Piñero

Grupo Piñero is a Spanish tourism group founded in 1975 by Pablo Piñero. Currently chaired by Isabel García Lorca and led since 2017 by Encarna Piñero, as Global CEO, together with her sisters Isabel, Chief Sustainability Officer and Lydia, chair of the Investment Committee. With almost 50 years of history, the Group carries out responsible management with a strategic plan whose transversal axis is sustainability. The main objective of this vision is to care for people, the environment and the promotion of tourism that generates wealth while based on respect for the destinations where it operates.

Its activity includes four divisions: the Hotel business, which has resorts in the Dominican Republic (first hotel group with the largest number of owned establishments), Mexico, Jamaica and Spain; the Real Estate and Golf business, with residential complexes in the Dominican Republic and Mexico; the Tour Operator division, comprising Soltour, the leading independent tour operator in Spain and Portugal in the holiday segment, and the Mobility Incoming & Leisure division, which includes Coming2, the perfect destination host that complements the offer through land and maritime transport services, highlighting its commitment to sustainable mobility. Today, Grupo Piñero has more than 15,000 employees in Spain, Portugal, Dominican Republic, Mexico, Jamaica, Switzerland, USA, Argentina and Luxemburg.