GIC invests in European resort hotel owner
GIC has invested into Hotel Investment Partners (HIP), an owner of resort hotels in Southern Europe.
HIP was founded in 2015 and was acquired by funds managed by Blackstone in 2017. GIC will become an approximately 35 percent shareholder, with funds managed by Blackstone continuing to be a majority shareholder in HIP, with approximately 65 percent ownership of the company.
Since 2017, HIP has pursued an acquisition and repositioning strategy for well-located but under-invested hotels, investing more than €600 million ($638 million) of capital into the platform. HIP partners with major global hotel operators including Ritz-Carlton, Barceló, Melia, Hyatt, Hilton, Ledra and Marriott. Today, the company boasts a portfolio of 72 hotels, totaling more than 21,000 keys across Spain, Greece, Italy and Portugal, with 10,000 people employed across its hotels. And 54 of its hotels are certified BREEAM Very Good.