Blackstone acquires Spanish hotel company

Blackstone, through its Blackstone Real Estate Partners Europe V fund, has agreed to acquire Hotel Investment Partners, a leading Spanish hospitality company, from Banco Sabadell.

Hotel Investment Partners owns a portfolio of 14 primarily coastal hotels with over 3,700 rooms in Spain’s most popular tourism destinations.

“Blackstone’s investment will allow us to maximize the value of our existing hotel portfolio for our investors and to focus on HI Partners’ continued growth across Spain,” said Alejandro Puértolas, founding partner and CEO of HI Partners.

Banco Sabadell holds a 99 percent stake in HI Partners, which manages 31 hotels in Spain as well as €800 million ($945 million) of hotel loans.

Earlier this month, Blackstone and Brookfield made offers to buy the hotel arm. The company’s total value is approximately €1 billion ($1.1 billion) and it owns 30