09:57 AM EDT, 10/28/2024 (MT Newswires) -- Hyatt Hotels ( H ) said Monday it plans to form a joint venture between its affiliates and Grupo Pinero to own and expand the Bahia Principe Hotels & Resorts brand.

Each party will own a 50% ownership in the joint venture, Hyatt said.

Financial details weren't disclosed.

Under the terms, 23 resorts under the Bahia Principe Hotels & Resorts brand as well as Cayo Levantado Resort in the Dominican Republic will be added to Hyatt's Inclusive Collection, the company added.

Hyatt said it intends to appoint Bahia Principe Chief Executive Julio Perez as CEO of the joint venture upon closing, which is expected in the coming months, while Grupo Pinero global CEO Encarna Pinero to serve as chairman of the JV's board.

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