Updated | Hyatt and Grupo Piñero form joint venture, adding Bahia Principe hotels to Hyatt’s portfolio
Published:Thursday | January 2, 2025 | 1:10 PM
Hyatt Hotels Corporation and Spain's Grupo Piñero have formed a new joint venture company for the management of Bahia Principe Hotels, including the one in Jamaica.
The alliance is a 50-50 company.
Under the partnership, the ownership and operational control of Bahia Principe hotels remain under Grupo Piñero.
The announcement was made in a statement dated December 27, 2024.
The agreement brings 22 resorts, totalling approximately 12,000 rooms, including 21 resorts under the Bahia Principe Hotels and Resorts brand located across the Dominican Republic, Mexico, Jamaica and Spain, as well as the exclusive Cayo Levantado Resort in the Dominican Republic, to Hyatt's collection.
Hyatt stated that Grupo Pinero, owner of the resorts managed by the joint venture, is committed to driving the continuous improvement of Bahia Principe hotels through renovation projects as part of the ongoing goals and this transaction.
It is not clear how this new development will affect plans announced last January for Pinero to pump US$1.5 billion in developing new resorts in St Ann.
The initiative, announced during a meeting with Tourism Minister Ed Bartlett and Encarno Pinero, CEO of Pinero Group at FITUR 2024 in Madrid, Spain, was touted as one of the projects expected to reshape Jamaica's tourism landscape.
The plan included the construction of two new hotels, an array of amenities including a PGA-certified golf course, and the promise of over 14,000 jobs.
Hyatt already operate a large number of hotels in Jamaica, including the Hyatt Ziva and Zilara Rose Hall, Jewel Grand Montego Bay, Hilton Rose Hall, Zoetry, Secrets and Breathless resorts, which amounts to hundreds of rooms combined.
Subsidiaries include Amstar DMC destination located in Montego Bay.
The news also follows an announcement made by Hyatt on December 23, 2024 that it had executed an exclusivity agreement with Playa Hotels and Resorts, under which Playa has agreed to negotiate exclusively with Hyatt regarding potential strategic alternatives, which may include the acquisition of Playa by Hyatt.
In the meantime, building on Grupo Pinero's all-inclusive expertise and thriving European customer base, Hyatt says it will further contribute to the company's success and provide expanded opportunities for growth with travellers in the Americas and other key markets.
As of September 2024, Hyatt's portfolio included more than 1,350 hotels and all-inclusive properties in 79 countries, across six continents.
Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.