Hyatt has finalized its 50/50 joint venture with Spanish tourism group Grupo Pinero, adding 22 resorts and approximately 12,000 rooms to its all-inclusive portfolio.
Under the agreement, which was announced in October, the pair will manage Bahia Principe-branded hotels and resorts as well as jointly own the Bahia Principe brand.
The move brings 21 Bahia Principe resorts across the Dominican Republic, Mexico, Jamaica and the Spanish islands -- as well as the Cayo Levantado Resort in the Dominican Republic -- into Hyatt's Inclusive Collection.
Grupo Pinero maintains ownership of the resort properties.
Headquartered in Palma de Mallorca, the joint venture is helmed by Bahia Principe's current CEO, Julio Perez, with Grupo Pinero global CEO Encarna Pinero serving as chairman of the board. Hyatt's vice president of hotel finance, Izet Mahalbasic, has been tapped as CFO.
The deal comes as Hyatt rapidly scales its all-inclusive business. The hospitality giant began expansion into the space in 2013 with the debut of its Hyatt Ziva and Hyatt Zilara concepts, then significantly broadened its reach via its 2021 acquisition of Apple Leisure Group.
Hyatt's Inclusive Collection encompasses more than 140 properties across 10 brands.
Hyatt is also currently in exclusive negotiations with Playa Hotels & Resorts, which could result in an acquisition.
Founded in 1975, family-owned Grupo Pinero operates multiple business divisions, including hotels, golf properties and tour operations through its Soltour brand.