Asset management giant Blackstone has confirmed the acquisition of Spanish Banco Sabadell's hotel arm, HI Partners, as reported by PropertyEU in early October.
The acquisition is being made on behalf of Blackstone Real Estate Partners Europe V fund. Financial details were not disclosed, but market experts put the value of the platform at some €1 bn.
'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,' commented Anthony Myers, head of real estate Europe at Blackstone.
Banco Sabadell had been running a dual track process to dispose of its hotel investment arm as part of efforts to offload property assets, pursuing both an IPO and a direct sale.
It hired Citi, Credit Suisse and Morgan Stanley to advise on the potential listing, which was due to take place in the third quarter of the year.
It appointed investment bank Lazard to manage a trade sale of the business, according to those who track the market.
Sabadell holds a 99% stake in HI Partners, which owns a portfolio of 14 primarily coastal hotels with over 3,700 rooms in Spain’s most popular tourism destinations.
