Hyatt paid $465M for Grupo Piñero stake

PALMA DE MALLORCA, Spain – With Hyatt Hotels Corp.’s recent 10-K filing revealing it paid US$465 million to acquire a 50% stake in Grupo Piñero, owners of the 22-hotel Bahia Principe all-inclusive brand with properties across the Dominican Republic, Spain, Mexico and Jamaica, come news that Bahia Principe Hotels & Resorts has reaffirmed its commitment to invest €128 million to renovate and upgrade its portfolio. This initiative aligns with the long-term vision of Palma de Mallorca, Spain-based Grupo Piñero, which is marking its 50th anniversary.

Hyatt paid $374 million on December 27 to acquire its interest in the joint venture and there was $91 million in deferred considerations related to the transaction, with US$33 million contingent on the development of additional hotels to be managed by the joint venture in the future. That amount would be paid up to 2034.

The 2025 investment plan includes extensive refurbishments across Bahia Principe properties in Mexico, Mallorca, the Dominican Republic, and Jamaica, with a focus on infrastructure, common areas, and back-office enhancements. In total, 1,260 rooms will be renovated in 2025.

Notable highlights include:

• Bahia Principe Luxury Tenerife (Spain): The Bahia Principe Sunlight Tenerife Hotel in Costa Adeje will undergo a complete transformation to become the new Bahia Principe Luxury Tenerife Adults Only, set to open in December 2025. 
• Bahia Principe Grand Tequila (Mexico): A brand-new adults-only hotel, Bahia Principe Grand Tequila, will debut on December 1, 2025, featuring an atmosphere inspired by Mexican culture, offering entertainment tailored to its adult clientele. 
• Bahia Principe Grand Punta Cana (Dominican Republic): A phased renovation will include lobby, restaurant, and pool refurbishments, alongside ongoing guest room upgrades as part of a broader renewal strategy.
• Expansion in Jamaica: Construction will begin by the end of 2025 on Bahia Principe’s third hotel in Jamaica, set within a larger real estate, tourism, and sports complex, reinforcing the brand’s footprint in the Caribbean.

Bahia Principe Hotels & Resorts, celebrating its 30th anniversary this year, has 24 properties across the Caribbean and Spain. With over 14,000 rooms in the Dominican Republic alone, the brand also has a strong presence in Riviera Maya (Mexico), Jamaica, and the Canary and Balearic Islands (Spain).