Blackstone has bought a platform of 14 hotels from Spanish lender Banco Sabadell.
The acquisition of Hotel Investment Partners was made on behalf Blackstone Real Estate Partners Europe V, its latest European opportunity fund.
Banco Sabadell has been looking to offload the hotel business, run by Alejandro Puértolas, potentially through a public listing. However, Blackstone has secured the portfolio of hotels with more than 3,700 rooms.
The Spanish investment comes less than three months after the same Blackstone fund acquired a stake in a €30bn real estate porfolio owned by Banco Popular.
Anthony Myers, head of real estate for Europe at Blackstone, said: “We are delighted to make another substantial investment in Spain and to have the opportunity to partner with the HI Partners management team, working with them to continue to execute their strategy of growing HI Partners into Spain’s premier hospitality business.”
Puértolas, founding partner and chief executive of HI Partners, said: “Blackstone’s investment will allow us to maximise the value of our existing hotel portfolio for our investors and to focus on HI Partners’ continued growth across Spain.
“We thank Banco Sabadell for their support over the last two years, and look forward to taking the next step in HI Partners’ journey with an industry-leading and well-capitalised partner like Blackstone.”