Hyatt Hotels Corp. has finalized a strategic joint venture with Spanish resort-firm Grupo Piñero, adding 22 all-inclusive resorts to Hyatt's Inclusive Collection.
The deal, first announced in October, includes roughly 12,000 rooms, according to a news release.
The newly created joint venture, owned 50% by Hyatt and 50% by Grupo Piñero, will own the Bahia Principe Hotels & Resorts brand and will manage the 21 Bahia Principe properties joining Hyatt's all-inclusive portfolio in across the Dominican Republic, Mexico, Jamaica and Spain. The other hotel is the Cayo Levantado Resort in the Dominican Republic.
Bahia Principe CEO Julio Pérez will lead the joint venture and Grupo Piñero’s Global CEO Encarna Piñero will be chairman. Izet Mahalbasic, Hyatt's vice president of hotel finance, will serve as chief financial officer.
“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,” Hyatt President and CEO Mark Hoplamazian said in a news release announcing the deal. “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.”
When the deal was first announced in October, Hyatt officials said it was specifically structured to keep in line with the company's asset-light strategy. Hyatt has sold more then $3.6 billion in owned hotels since 2019.