by Lacey Pfalz
Last updated: 1:45 PM ET, Mon October 28, 2024
Hyatt Hotels Corporation has entered a long-term asset-light joint venture with Grupo Pi?ero and Hyatt affiliates to add the Bahia Principe Hotels & Resorts brand into its Inclusive Collection, which will grow Hyatts all-inclusive room portfolio by 30 percent.?
The 50/50 joint venture allows Grupo Pi?ero to manage and own the Bahia Principe brand, headquartered in Palma de Mallorca, Spain, but to include the brand into Hyatts World of Hyatt program as part of the companys Inclusive Collection.
The transaction will be closed within the next few months. Bahia Principe Hotels & Resorts currently has 23 resorts with over 12,000 rooms in destinations across the Dominican Republic, Mexico, Jamaica and Spain. Money from the new partnership will be used to improve existing resorts.?
Bahia Principes CEO, Julio Prez, will continue to lead the company under the new agreement, with Encarna Pi?ero, Grupo Pi?eros Global CEO, serving as Chairman of the Board.?
For Grupo Pi?ero, the asset-light long-term strategic joint venture with Hyatt will strengthen Bahia Principes legacy and represents a clear path to build on its success and growth strategy for the future, said Encarna Pi?ero, Global CEO of Grupo Pi?ero. 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, continued Pi?ero. We appreciate and recognize these values in Hyatts purpose of care and look forward to the next chapter in Bahia Principes bright future.?
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