Hyatt Hotels Corporation has made a significant move in the all-inclusive hospitality sector by finalizing a 50/50 joint venture with Grupo Pinero, a Spanish tourism powerhouse. This strategic partnership adds a remarkable 22 resorts, translating to approximately 12,000 rooms, to Hyatt’s growing all-inclusive offerings. Announced in October, this collaboration marks a pivotal moment in Hyatt’s journey to expand its global footprint in the hospitality industry, particularly within the lucrative all-inclusive market.
Under this deal, Hyatt will manage the Bahia Principe-branded hotels and resorts, as well as share ownership of the Bahia Principe brand with Grupo Pinero. The joint efforts will bring an array of 21 resorts located in picturesque regions including the Dominican Republic, Mexico, Jamaica, and various Spanish islands. Notably, the joint venture includes the prestigious Cayo Levantado Resort, further enriching Hyatt’s Inclusive Collection. While Hyatt takes charge of management, Grupo Pinero retains ownership of the properties, underlining a unique operational collaboration that combines expertise and resources.
Headquartered in Palma de Mallorca, the joint venture will be overseen by Julio Perez, CEO of Bahia Principe, with Encarna Pinero, the global CEO of Grupo Pinero, serving as chairman of the board. This leadership structure aims to leverage the strengths of both groups, ensuring a seamless integration of services and high-quality offerings to guests. Supporting this initiative is Izet Mahalbasic, Hyatt’s vice president of hotel finance, who has been appointed as the chief financial officer of the joint venture. This strong leadership team is poised to navigate the complexities of the hospitality market while focusing on delivering unmatched experiences to guests.
The timing of this joint venture aligns perfectly with Hyatt’s ambitious strategy to rapidly scale its all-inclusive business. Having debuted its all-inclusive concepts—the Hyatt Ziva and Hyatt Zilara—in 2013, Hyatt has since broadened its reach significantly, notably following its acquisition of Apple Leisure Group in 2021. Currently, Hyatt’s Inclusive Collection boasts over 140 properties across 10 distinct brands, showcasing its commitment to providing a diverse range of vacation choices for travelers.
As part of this expansion strategy, Hyatt is also reportedly engaged in exclusive negotiations with Playa Hotels & Resorts. Such potential acquisitions could further enhance Hyatt’s market position and diversify its offerings within the all-inclusive sector.
The Legacy of Grupo Pinero
Founded in 1975, Grupo Pinero is a family-owned business that operates across multiple sectors within the tourism industry, including hotels, golf properties, and tour operations through its Soltour brand. The experience and knowledge amassed over decades will undoubtedly contribute to the success of the joint venture, ensuring that both Hyatt and Grupo Pinero can cultivate an exceptional guest experience while maintaining operational excellence.
This joint venture not only opens up new avenues for growth for Hyatt but also solidifies its standing as a formidable player in the all-inclusive market. As the hospitality landscape continues to evolve, strategic partnerships like this one showcase the importance of adaptability, collaboration, and innovation in meeting the demands of modern travelers.
Leave a Reply