Jamaica's Largest Hotel to Benefit from US$200 Million Long Term Financing Agreement

Jamaica’s 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 which owns Bahia Principe Hotels & Resorts, Inter-American Development Bank (IDB) Group private sector arm, 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 an investment of US$200 million in Grupo Pinero’s Bahia resorts in both countries.

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

“Tourism is the world’s fastest and most immediate convertible economic activity. Therefore, this particular action today is so critical to the development of the Caribbean and the world. A statement is being made here about how we create the debt rearrangement and the financial infusion to enable faster recovery. That fast recovery must not be irresponsible, and that’s why the elements that deal with sustainability and resilience are so important,” said Bartlett.

Tourism Minister, Hon. Edmund Bartlett (center) is photographed with CEO of Grupo Piñero, Encarna Piñero (left), and Lydia Piñero owners of Grupo Pinero which owns Bahia Principe Runaway Bay.

The funding will assist Grupo Piñero in moving forward with the reopening and start-up of our hotels, as well as provide a boost in this stage of recovery and post-pandemic growth. Similarly, a revitalization of tourism activity in a sustainable manner that, in turn, allows for the attainment of a balance in the economic, social, and environmental fields.

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

“I congratulate all the teams who are involved in this program today. The recovery of tourism is going to be predicated on strong business responses — private-public partnerships that will enable sustainability, ” said the Minister.

Senior Tourism Ministry officials, Director of Tourism, Donovan White and Senior Advisor and Communications Strategist in Jamaica’s Ministry of Tourism, Delano Seiveright, shared lens time with Spanish Ambassador to Jamaica, His Excellency Diego Bermejo Romero De Terre during a recent meeting in Jamaica to discuss increased collaborations between Jamaica and Spain.

Among those in attendance were President of the Dominican Republic, Hon. Luis Abinader, the Dominican Republic’s Minister of Tourism, Hon. David Collado; Chief Executive Officer of Grupo Piñero, owners of the Bahia Principe Hotels, Encarna Piñero and Senior Advisor and Strategist in Jamaica’s Ministry of Tourism, Delano Seiveright.

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

Bartlett is leading a small team in Spain to participate in the highly anticipated annual international travel and tourism tradeshow, FITUR, in from January 19 to 23, 2022.

During his visit to Madrid, the Minister will meet with potential investors and key industry stakeholders. These include Robert Cabrera, owner of the Princess Resort, regarding a 2000-room development currently underway in Hanover; Diego Fuentes, Chairman and 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 in the pipeline.

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.

SEEN IN MAIN PHOTO: Minister of Tourism, Hon. Edmund Bartlett, in discussion with (from left to right) Christopher Paniagua, President of Banco Popular Dominicano, one of the largest Banks in the Dominican Republic; Delano Seiveright, Senior Advisor and Strategist, Ministry of Tourism; Encarna Piñero, CEO of Grupo Piñero, owners of Bahia Principe Hotels & Resorts; and Gema Sacristán, Chief Investment Officer of IDB Invest, the private sector arm of Inter-American Development Bank.

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