The 142-room luxury hotel will located in the centre of a 61-acre development with residential properties and high-end luxury villas.
The hotel will overlook the Canyamel valley with views of the sea and the ancient town of Artá and will be adjacent to an international standard 18-hole golf course.
More than 20 Park Hyatt hotels are under development around the world in Cambodia, Cina, India, Mexico, Portugal, Saudi Arabia, Thailand and the US.
Peter Norman, senior vice president of real estate and development for EAME at Hyatt Hotels and Resorts, said: "Mallorca is one of Europe’s most beautiful areas, and we believe that Park Hyatt Mallorca will deliver an unprecedented level of luxury and unrivalled hospitality experience to guests.
"Spain continues to be one of the most popular tourist destinations in the world, and Park Hyatt Mallorca will enable Hyatt to further enhance its visibility in Europe and further pursue its strategy to increase its brand presence in the region and new markets."