Hyatt Hotels Corp. plans to further grow its Inclusive Collection via a 50/50 joint venture with Spanish hospitality company Grupo Pinero, owner of Bahia Principe Hotels & Resorts.
The pair will manage Bahia Principe-branded hotels and resorts as well as jointly own the Bahia Principe brand.
The deal, expected to close in the coming months, will add 23 resorts and 12,000 guestrooms to Hyatt's Inclusive Collection. These properties include 22 Bahia Principe resorts in the Dominican Republic, Mexico, Jamaica and Spain as well as the Cayo Levantado Resort in the Dominican Republic. Hyatt's all-inclusive portfolio will increase its room count by about 30% with the additional resorts.
The joint venture will be headquartered in Palma de Mallorca, with current Bahia Principe CEO Julio Perez continuing as chief executive. Grupo Pinero's global CEO, Encarna Pinero, will serve as chairman of the board.
Bahia Principe resorts will be integrated into the World of Hyatt loyalty program.
Hyatt CEO Mark Hoplamazian said the partnership would "enhance Hyatt's all-inclusive offering and strengthen our leadership position with one of the largest collections of all-inclusive resorts in the world."
The Bahia Principe portfolio will join the Inclusive Collection's 120-plus all-inclusive resorts in Mexico, the Caribbean, Central America and Europe.
Founded in 1975, family-owned Grupo Pinero operates multiple business divisions, including hotels, golf properties and tour operations through its Soltour brand.