Blackstone plans to sell Hotel Investment Partners, Cinco Dias reports

Blackstone is preparing to sell its stake in Hotel Investment Partners (HIP), a Spanish-based hotel management company valued at 6.5 billion euros ($6.77 billion), according to a report by Cinco Dias. The portfolio, which includes 73 hotels with 22,000 rooms across Spain, Portugal, Italy, and Greece, is set to be divested by the private equity firm this year. Blackstone may either sell its 65% ownership in HIP or pursue an initial public offering.

The sale comes after Blackstone acquired HIP from Banco Sabadell in 2017, a move that allowed the private equity giant to expand its presence in the European hotel sector. Despite reports indicating that the sale is imminent, neither Blackstone nor HIP has commented on the matter.

This strategic move marks a potential shift in Blackstone’s investment approach, as it evaluates its options for divestment. The sale would provide significant returns given the scale and geographical reach of HIP’s hotel properties across key European markets.

Source: REUTERS