Hyatt 10-K reveals purchase price; Bahia Principe Hotels
& Resorts reaffirms €128 million reinvestment in its portfolio.
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).