Hotel Investment Partners (HIP), Blackstone's hotel investment company, has acquired the Mett Marbella Estepona hotel on the Costa del Sol from the Mazabi family office.
Financial details were not disclosed.
The hotel, which will continue to be operated by Sunset Hospitality Group under the Mett brand, is situated on Guadalmansa beach, halfway between Marbella and Estepona.
HIP plans to allocate an additional investment to update and reposition the asset from 4 to 5 stars.
After the transformation, the hotel will have 253 rooms with sea views a beach club and swimming pool, as well as numerous restaurants and amenities.
HIP already has two other hotels on the Costa del Sol, namely the Guadalmina Spa & Golf Resort and the Barceló Marbella.
Said Alejandro Hernández-Puértolas, CEO and founder of HIP: 'HIP continues with its growth strategy in southern Europe of acquiring seafront hotels located in the main tourist destinations, such as the Costa del Sol.
'We continue to work on consolidating and repositioning our portfolio in line with our business strategy of generating value, in a way that has an impact both on the destination and on our clients, to whom we want to offer unique and differentiated experiences.'
