Upon completion, the joint venture will incorporate 23 resorts, totalling over 12,000 rooms, into Hyatt’s Inclusive Collection. Credit: Grupo Piñero / Hyatt Hotels Corporation / Businesswire.

Hyatt Hotels affiliates and Grupo Piñero are set to form a strategic joint venture (JV) for the management of Bahia Principe-branded hotels and resorts under a new asset-light model.

Based in Palma de Mallorca, Spain, the JV will be a 50/50 partnership aimed at expanding the all-inclusive room portfolio of Hyatt by nearly 30%. 

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The transaction is set to close in the coming months, subject to customary conditions. 

Julio Pérez, the current CEO of Bahia Principe, is expected to become the CEO of the JV’s management company post-closure.  

Grupo Piñero’s global CEO Encarna Piñero will serve as chairman of the board. Further appointments will be announced later.

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Upon completion, the JV will incorporate 23 resorts, totalling more than 12,000 rooms, into Hyatt’s Inclusive Collection.  

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These include 22 Bahia Principe resorts in the Dominican Republic, Mexico, Jamaica, and Spain, as well as the exclusive Cayo Levantado Resort in the Dominican Republic.

Grupo Piñero plans to reinvest most of the proceeds from this deal into enhancing the existing Bahia Principe resorts.

Additionally, Bahia Principe Hotels & Resorts is anticipated to join the World of Hyatt loyalty programme at a future date.

For Grupo Piñero, the venture represents an opportunity to strengthen its all-inclusive hospitality presence, leveraging its European customer base while reaching out to travellers in the Americas and other key markets.

Hyatt CEO and president Mark Hoplamazian said: “Grupo Piñero’s family business culture, shared values, and expertise in the four-star 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 travellers within the portfolio.”

In a similar development, Hyatt Hotels and China Resources Land announced plans to open a Park Hyatt hotel in Xi’an, Shaanxi province, China.