Huge investment in Spanish hotel group’s Caribbean venture

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HUGE investment in Spanish hotel group’s Caribbean venture so Grupo Piñero will be able to invest €176 million in hotels in Dominican Republic and Jamaica.
The Mallorcan based private company was founded in 1977 and its most senior officers are members of the Piñero family which specialises in holidays and hotels in the Caribbean but was affected by the pandemic.
Three organisations, Inter-American Development Bank (IDB) Group private sector arm, IDB Invest, and Banco Popular Dominicano will help to finance the upgrade and reopening of hotels in Dominican Republic and Jamaica with the active support of the governments of 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.
Commenting on the deal which was announced in Madrid at the Fitur Tourism Fair, Jamaican Minister of Tourism Edmund Bartlett said “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.”
The company owns 27 hotels worldwide, including the Bahia Principe Grand, which is the largest hotel in Jamaica so its re-opening once updated following closure due to the pandemic will be a welcome boost to the island’s economy.
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