Grupo Piñero posts an all-time record turnover of €956 million in 2023

• With these results, the Group surpasses its 2022 revenue by 12%, reinforcing its solid financial position.
• In 2024, the Group will invest a total of €65 million to continue its commitment to renovating its hotel stock and providing its residential facilities with first residence services, among other projects.
• The bulk of the investment will go to its Hotels division, with $40 million.

Palma, January 25, 2024.- Grupo Piñero closed 2023 with an all-time record turnover of €956 million, exceeding 2022 results by 12%. These figures reinforce the Group's solid and solvent financial position, enabling it to continue to make progress with its investment plan. In 2024, Grupo Piñero will invest €65 million, focused on renovating its hotel stock through a sustainable and innovative model and providing its residential complexes with first residence services and facilities.

By business lines, most of the investment will go to its Hotels division with $40 million, followed by the Bahia Principe Residences & Golf division with $16 million. The remaining investment (€9 million) will be allocated to strategic projects in other divisions and brands of the Group.

Transformation of the hotel business

Over the next year, Bahia Principe Hotels & Resorts will focus its investments on renovating its hotel stock with sustainable elements and responding to the trends and needs of its clients. It aims to create a differentiated quality offer that integrates the local culture of the destinations, through architecture, decoration, gastronomic offerings and entertainment. Thus, hotels in different destinations will be remodeled, with a special focus on the Bavaro destination, located in the Dominican Republic, as the Group's most important hotel stock.

Grupo Piñero continues to transform its hotel business. On one hand, it is integrating the use of AI in its Hotels division as a tool applied to service quality assessment operations in its hotels and as a predictive tool in economic, customer and operational metrics. And on the other, in addition to these projects, Bahia Principe has launched its new app, which is already showing good results as a new sales channel, and it is also automating its hotel rooms.

Consolidation of the Residential Division

Grupo Piñero will allocate €16 million to its real estate business division, with the main objective of continuing to provide its residential developments with first residence services, innovative elements and sustainable mobility offerings for its clients. Among the planned improvements, the Group will promote the incorporation of Artificial Intelligence in new facial recognition systems, drones and thermal cameras to optimize the video surveillance of its residential complexes.

In its Golf division, Grupo Piñero will continue to invest in improving customer service at its golf courses and clubs, PGA Riviera Maya and PGA Ocean's 4.  

In 2024, Grupo Piñero will also allocate its investments to further develop its Strategic Sustainability Plan, furthering its commitment to governance, people and planet transversally in its different business units. The main objectives include the consolidation of projects such as its occupational health and safety plan, its training plan, its talent management plan and its plan to contribute to the local community. In environmental matters, the company will focus on consolidating and expanding its Eco-Bahia Ecological Foundation in its main destinations, in addition to investing in the implementation of renewable energies in its hotels and residential developments.