Spanish resort group reports second year of $900m-plus earnings

The Spanish family-owned parent company of resort hotel chain Bahia Principe has reported a profit of $928 million for 2018.

The financial performance saw earnings surpass the $900 million mark for the second consecutive year at the company which has 14,000 rooms across its portfolio of brands.

Bahia Principe Hotels & Resorts, along with the company’s residential and golf offshoots, accounted for 70% of the Grupo Pinero business, with income of more than $643 million.

Grupo Pinero invested $120 million into the subsidiary, including the opening of Bahia Principe’s 25th hotel and the group’s 27th property overall – the 372-room Fantasia Bahia Principe Tenerife – plus renovation of adults-only Luxury Bahia Principe Ambar in Punta Cana in the Dominican Republic.

Other initiatives aimed at improving efficiency and “digitally transforming” the company were also introduced.

Sustainability continued to serve as a guiding principle for the company, according to holding company CEO Encarna Pinero.

“For example, 23 Bahia Principe hotels are now certified gold by Travelife – the certification system that stands at the forefront of assessing sustainability performance in the hotel industry, with 19 achieving the distinction in 2018,” Pinero said.

“In 2019, our reinvestment policy will focus on further differentiating our product, continuing to improve efficiency and completing a digital transformation of our organisation.

“To be a sustainable company that efficiently manages its resources, we need economic and technological means, but above all, a motivated team that shares our vision.”

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