by Lacey Pfalz
Last updated: 10:50 AM ET, Fri December 27, 2024
Hyatt Hotels Corporation has finalized the agreement with Grupo Pi?ero to own the Bahia Principe Hotels & Resorts brand and add the 22 resorts into the hotel giants growing Inclusive Collection.?
The long-term, asset-light strategic joint venture adds around 12,000 rooms to the all-inclusive portfolio, with 21 Bahia Principe Hotels & Resorts spread across the Dominican Republic, Mexico, Jamaica and Spain. The Cayo Levantado Resort will also be added to the Inclusive Collection.?
All properties will eventually be added into the World of Hyatt loyalty program. The news about the agreement was originally announced in October, when it announced the agreement would increase the Inclusive Collection's number of rooms by 30 percent.?
Bahia Principes CEO Julio Prez will lead the joint venture. Encarna Pi?ero, Grupo Pi?eros current Global Chief Executive Officer, will serve as Chairman of the Board. Izet Mahalbasic, Vice President Hotel Finance for Hyatt will serve as Chief Financial Officer.?
It is a great honor for Grupo Pi?ero to embark on this long-term alliance with Hyatta groundbreaking model for both companies that promises significant benefits and advancements for our respective strategies, said Encarna Pi?ero, Global CEO of Grupo Pi?ero 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 Hyatts extensive global all-inclusive platform and systems will drive success for our joint venture."
With the new acquisition, Hyatt now boasts over 140 all-inclusive resorts across ten brands.?
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