The partnership will see the management of Bahia Principe Hotels & Resorts-branded properties fall under the JV. Credit: Hyatt Corporation.

Hotel chain Hyatt has finalised a long-term, asset-light strategic joint venture (JV) with Spanish tourism group Grupo Piñero.

This partnership will see the management of Bahia Principe Hotels & Resorts-branded properties fall under the JV, headquartered in Palma de Mallorca, Spain, which will also own the Bahia Principe brand.

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The 50/50 venture is set to enhance Hyatt’s all-inclusive portfolio and provide World of Hyatt members with more travel options, the hotel chain noted.

Hyatt president and CEO Mark Hoplamazian said: “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.

“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.”

The agreement incorporates 22 resorts, totalling nearly 12,000 rooms, into the Inclusive Collection of Hyatt.

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These properties include 21 Bahia Principe-branded resorts across the Dominican Republic, Mexico, Jamaica, and Spain, as well as the Cayo Levantado Resort in the Dominican Republic.

Grupo Piñero will serve as the owner of the JV-managed resorts and will steer is dedicated to the renovation projects at Bahia Principe hotels.

The collaboration aims to build on Grupo Piñero’s “all-inclusive” expertise and European customer base, while Hyatt will contribute to further growth with travellers from the Americas and other key markets.

Bahia Principe CEO Julio Pérez took the helm of the JV, with Grupo Piñero global CEO Encarna Piñero will serve as chairman of the board.

Hyatt vice-president Hotel Finance Izet Mahalbasic will join as the chief financial officer of the JV.

This move is part of Hyatt’s expansion in the all-inclusive market, which began with the launch of the Hyatt Ziva and Hyatt Zilara brands in 2013 and the subsequent acquisition of Apple Leisure Group in 2021.

Hyatt expects its Inclusive Collection to consist of more than 140 properties across 10 brands globally by the end of this year.

The latest development comes after Hyatt Hotels entered an exclusivity agreement with Playa Hotels & Resorts, initiating exclusive negotiations that could lead to Hyatt’s acquisition of Playa.