Hyatt Hotels Corporation has made a significant leap in the hospitality industry by finalizing a joint venture with Grupo Pinero, a well-established Spanish tourism group. This partnership, which marks the company’s strategic move into the all-inclusive segment, has resulted in the addition of 22 resorts and around 12,000 rooms to Hyatt’s expanding portfolio. The agreement enables Hyatt to manage Bahia Principe-branded properties, providing a substantial boost to its inclusive offerings and reinforcing its position in a competitive market.
Under the terms of the agreement announced in October, Hyatt and Grupo Pinero will not only manage the Bahia Principe hotels and resorts but also share ownership of the Bahia Principe brand itself. This arrangement incorporates a total of 21 Bahia Principe resorts located across popular vacation destinations, including the Dominican Republic, Mexico, Jamaica, and the Spanish islands, along with the exclusive Cayo Levantado Resort in the Dominican Republic. While Hyatt will take charge of the hotel management, Grupo Pinero will retain ownership of the properties, thereby ensuring a balanced partnership that leverages the strengths of both entities.
The operational leadership of the joint venture is primarily in the hands of seasoned professionals. Julio Perez, the current CEO of Bahia Principe, will lead the newly formed entity, ensuring continuity and expertise in the hotel management process. Additionally, Encarna Pinero, the global CEO of Grupo Pinero, takes on the role of chairman of the board, bringing a wealth of experience to guide the strategic direction of the venture. Meanwhile, Hyatt’s Izet Mahalbasic has been appointed as the CFO, further embodying a blend of leadership that combines the established experience of Grupo Pinero with Hyatt’s corporate insight.
This joint venture with Grupo Pinero comes at a time when Hyatt is aggressively pushing to expand its all-inclusive business. The company has been incrementally growing its presence in this segment since launching its Hyatt Ziva and Hyatt Zilara concepts in 2013. Moreover, the acquisition of the Apple Leisure Group in 2021 marked a pivotal moment in Hyatt’s strategy to dominate the all-inclusive market, broadening its portfolio to encompass over 140 properties across ten different brands.
In addition to its joint venture with Grupo Pinero, Hyatt is currently engaged in exclusive negotiations with Playa Hotels & Resorts, potentially paving the way for another acquisition that would enhance its foothold in the all-inclusive space. Such strategic maneuvers demonstrate Hyatt’s commitment to growth and adaptation to market demands. Founded in 1975, Grupo Pinero boasts a diverse operational portfolio that includes hotels, golf properties, and tour operations under its Soltour brand, indicating a robust infrastructure that can support this joint enterprise.
Hyatt’s collaboration with Grupo Pinero marks a significant milestone in its journey toward becoming a dominant player in the all-inclusive hospitality market. This partnership not only enriches Hyatt’s portfolio but also reflects a broader trend of consolidation and expansion within the tourism sector as companies seek innovative ways to attract guests and enhance their offerings.
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