Hyatt Lodges Company has finalised a strategic partnership with Grupo Piñero to collectively handle Bahia Principe Lodges & Resorts-branded properties whereas additionally buying possession of the Bahia Principe model.
The 50/50 three way partnership considerably bolsters Hyatt’s presence within the all-inclusive journey market within the area.
The settlement provides 22 resorts, totalling roughly 12,000 rooms, to Hyatt’s Inclusive Assortment. These embrace 21 Bahia Principe properties positioned in key locations such because the Dominican Republic, Mexico, Jamaica, and Spain, in addition to the unique Cayo Levantado Resort within the Dominican Republic.
Grupo Piñero, which owns the resorts beneath the three way partnership, has dedicated to ongoing renovation initiatives to reinforce the Bahia Principe model.
“Constructing on Grupo Piñero’s all-inclusive experience and thriving European buyer base, Hyatt will additional contribute to the corporate’s success and supply expanded alternatives for progress with travellers within the Americas and different key markets,” the corporate mentioned.
Management for the three way partnership consists of Bahia Principe CEO Julio Pérez on the helm, with Grupo Piñero’s International CEO Encarna Piñero serving as Chairman of the Board. Izet Mahalbasic, Hyatt’s Vice President of Lodge Finance, will be part of as Chief Monetary Officer.
“This three way partnership with Grupo Piñero enhances Hyatt’s all-inclusive platform throughout a number of dimensions: extra rooms, an expanded portfolio, and extra choices for visitors and World of Hyatt members,” mentioned Mark Hoplamazian, President and CEO of Hyatt.
Encarna Piñero praised the partnership as a “groundbreaking mannequin” that leverages the mixed experience of Grupo Piñero’s management within the Caribbean’s all-inclusive sector and Hyatt’s in depth world techniques and platforms. She expressed confidence within the enterprise’s potential to ship important advantages for each firms’ long-term methods.
This transaction builds on Hyatt’s progress journey in all-inclusive, which began with the creation of the Hyatt Ziva and Hyatt Zilara manufacturers in 2013 and mixed with the biggest acquisition in Hyatt’s historical past with Apple Leisure Group in 2021, expanded to greater than 140 properties globally throughout 10 manufacturers in Hyatt’s Inclusive Assortment by the top of 2024.
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