Bahia Principe Hotels & Resorts to benefit from $200 million deal

Minister of Tourism, Hon. Edmund Bartlett (centre) is pictured with Grupo Piñero CEO Encarna Piñero (left) and Lydia Piñero, owners of Grupo Pinero, owner of Bahia Principe Runaway

[KINGSTON, Jamaica] – Jamaican Minister of Tourism, Hon. Edmund Bartlett, today in Madrid, Spain, spoke at the official launch of a strategic alliance between international tourism giant, Grupo Piñero, owner Bahia Principe Hotels & Resorts, the private sector arm of the Inter-American Development Bank (IDB) Group, IDB Invest and Banco Popular Dominicano to promote inclusive and sustainable economic growth through tourism in Jamaica and the Dominican Republic. The agreement will result in a US$200 million investment in Grupo Pinero’s Bahia resorts in both countries.

The agreement was possible because the three institutions share the belief that tourism can help local economies grow while simultaneously encouraging inclusive and sustainable tourism.

“Tourism is the fastest and most immediate convertible economic activity in the world. Therefore, this particular action today is so crucial to the development of the Caribbean and the world. A statement is made here on how we are creating the debt rescheduling and financial injection to enable a faster recovery. This rapid recovery doesn’t have to be irresponsible, and that’s why the elements that address sustainability and resiliency are so important,” Bartlett said.

Funding

The funding will help Grupo Piñero move forward with the reopening and start-up of our hotels, as well as kick-start this stage of post-pandemic recovery and growth. Likewise, a revitalization of tourist activity in a sustainable way which, in turn, allows a balance to be achieved in the economic, social and environmental fields.

Bartlett congratulated the partners, noting that the alliance being formed will have positive benefits for the people of Jamaica. He shared that public-private collaborations of this nature are very important to boost the competitiveness of the sector and to put tourism at the service of the recovery in the most effective way possible.

Diego Bermejo Romero De Terre, Donovan White, Delano Seiveright

LR: Spanish Ambassador to Jamaica, His Excellency Diego Bermejo Romero De Terre, Jamaica Director of Tourism, Donovan White and Senior Advisor and Communications Strategist at the Jamaica Ministry of Tourism, Delano Seiveright

Tourism remains strong

“I congratulate all the teams participating in this program today. The recovery of tourism will be based on strong business responses – public-private partnerships that will enable sustainability,” the minister said.

Among those present were the President of the Dominican Republic, Hon. Luis Abinader, Minister of Tourism of the Dominican Republic, Hon. David Collado; Chairman and CEO of Grupo Piñero, owners of Bahia Principe Hotels, Encarna Piñero and senior adviser and strategist to the Jamaican Ministry of Tourism, Delano Seiveright.

Grupo Piñero is a Spanish tourism group founded by Pablo Piñero in 1977. They have 27 hotels worldwide, including Grand Bahia Principe, which is the largest hotel in Jamaica.

Bartlett leads a small team in Spain. They will participate in the highly anticipated annual international travel and tourism fair, FITUR, from January 19 to 23, 2022.

During his visit to Madrid, the Minister will meet potential investors and key players in the industry. These include Robert Cabrera, owner of the Princess Resort, regarding a 2,000-room development currently underway in Hannover; Diego Fuentes, CEO of the Tourism Optimizer platform; representatives of RIU Hotels & Resorts regarding a 700-room hotel in Trelawny as well as other investors to discuss major projects underway.

He will also make several media appearances and meet with Spanish tour operators. He left the island on Saturday January 15 and will return on Saturday January 23.