Home » Sabadell and Blackstone close the sale of 100% of Hotel Investment Partners
Sabadell and Blackstone close the sale of 100% of Hotel Investment Partners
Sabadell has closed the sale of 100% of its hotel management platform Hotel Investment Partners to a fund company managed by Blackstone. The operation, which closed for 630.7 million euros, was authorized in the first phase on November 30th by the National Commission of Markets and Competition (CNMC).
"The change in ownership of Hotel Investment Partners is the culmination of a project started with the aim of maximizing the value of the hotel assets of this entity," a source from the Group explained. After the transaction, the bank chaired by Josep Oliu will focus on the development of its Strategic Plan 2018-2020. The operation was carried out by Halley Hodco, controlled by the US investment fund. The sale of the platform will generate Sabadell a net capital gain of 55 million euros and an improvement in its capital ratio by 22 basis points this year.
A few months ago, the Catalan bank hired Credit Suisse, Citi, and JP Morgan to work on a possible IPO for the hotel chain, but finally, the financial institution has decided to completely part ways with the company. In addition to Blackstone, the Brookfield fund would also have bid on the purchase of the company created only two years ago. H. I. Partners has 29 assets in its portfolio and is valued at 1,000 million euros. Among its hotels, the Abora Catarina, in Maspalomas (Gran Canaria); the Ritz-Carlton Abama or the Tropical Garden, both in the province of Tenerife.
The above article was written and published in Spanish and has been translated into English Click here to read the original article.