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Hyatt Expands All-Inclusive Choices with New Strategic Partnership in Spain
Friday, December 27, 2024
In the present day, Hyatt Lodges Company (NYSE: H) unveiled the completion of a strategic collaboration with Grupo Piñero, launching a long-term, asset-light three way partnership based mostly in Palma de Mallorca, Spain. This enterprise will handle properties branded underneath Bahia Principe Lodges & Resorts and purchase possession of the Bahia Principe model itself. This partnership, break up evenly between Hyatt and Grupo Piñero, will improve Hyatt’s all-inclusive choices, offering better choices for company and World of Hyatt members to get pleasure from all-inclusive holidays.
The three way partnership encompasses 22 resorts with round 12,000 rooms in complete. This contains 21 properties underneath the Bahia Principe Lodges & Resorts umbrella located within the Dominican Republic, Mexico, Jamaica, and Spain, plus the distinctive Cayo Levantado Resort within the Dominican Republic, now a part of Hyatt’s Inclusive Assortment. Grupo Piñero, which owns the resorts, pledges to proceed enhancing the Bahia Principe properties with renovations and upgrades as a part of its ongoing dedication to excellence.
Julio Pérez, beforehand CEO of Bahia Principe, will head the brand new three way partnership, with Encarna Piñero, Grupo Piñero’s International CEO, taking the function of Chairman of the Board. Moreover, Izet Mahalbasic, previously Vice President of Resort Finance at Hyatt, has been appointed because the Chief Monetary Officer of the three way partnership.
“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,” mentioned Mark Hoplamazian, President and Chief Govt Officer, Hyatt. “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.”
“It is a great honor for Grupo Piñero to embark on this long-term alliance with Hyatt—a groundbreaking model for both companies that promises significant benefits and advancements for our respective strategies,” mentioned Encarna Piñero, International CEO of Grupo Piñero and Chairman of the Board. “We are confident that the combination of our decades of experience as leaders in the all-inclusive sector in the Caribbean and Hyatt’s extensive global all-inclusive platform and systems will drive success for our joint venture.”
“I am excited to lead this strategic joint venture with Hyatt as we work to expand the Bahia Principe Hotels & Resorts brand,” shared Julio Pérez, CEO of Bahia Principe. “Together, we will leverage our strengths to offer an unparalleled all-inclusive experience that will attract travelers from around the world. This milestone marks an important step for our company, and I am confident that this collaboration will help us to continue raising the quality and service standards of the hospitality industry.”
This partnership marks a big milestone in Hyatt’s enlargement into the all-inclusive market, which started with the launch of the Hyatt Ziva and Hyatt Zilara manufacturers in 2013 and grew considerably with the acquisition of Apple Leisure Group in 2021. By the shut of 2024, Hyatt’s Inclusive Assortment is predicted to embody over 140 properties globally throughout 10 totally different manufacturers.
Additional particulars on how Bahia Principe Lodges & Resorts will combine into the World of Hyatt loyalty program can be introduced sooner or later.
