Hyatt Hotels (H) said Friday that it has finalized a long-term 50/50 joint venture with Grupo Pinero that will add the Bahia Principe Hotels & Resorts brand to Hyatt's portfolio.
The joint venture based in Palma de Mallorca, Spain will own and manage the Bahia Principe brand, adding 22 resorts with about 12,000 rooms in the Dominican Republic, Mexico, Jamaica, and Spain to Hyatt's inclusive collection, according to Hyatt.
Bahia Principe's Chief Executive Officer Julio Perez will lead the joint venture, with Grupo Pinero's Global CEO Encarna Pinero as chairman and Hyatt Vice President for Hotel Finance Izet Mahalbasic as chief financial officer, the company added.
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