Hyatt paid $465M for Grupo Piñero stake
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.
By Jeffrey Weinstein