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(Reuters) – Private equity fund Blackstone is readying the sale of Spain-based Hotel Investment Partners (HIP), which is worth 6.5 billion euros ($6.77 billion), Spanish newspaper Cinco Dias reported on Wednesday, citing several unidentified market sources.
HIP owns 73 hotels with 22,000 rooms in Spain, Portugal, Italy and Greece.
Blackstone is seeking to divest this year either through the sale of the 65% it owns in HIP or through an initial public offering, Cinco Dias reported.
Blackstone and HIP did not immediately respond to requests for comment.
Blackstone acquired HIP from Banco Sabadell in 2017.
($1 = 0.9604 euros)
(Reporting by Joao Manuel Mauricio in Gdansk; editing by Inti Landauro and Jason Neely)
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Blackstone, one of the world’s largest private equity firms, is reportedly planning to sell its portfolio of hotels under Hotel Investment Partners, according to Spanish newspaper Cinco Dias.
The decision comes as the hospitality industry continues to face challenges due to the ongoing COVID-19 pandemic, which has significantly impacted travel and tourism worldwide.
Hotel Investment Partners, which owns a number of luxury hotels across Europe, has been hit hard by the drop in demand for travel and accommodation. Blackstone is now looking to offload the portfolio in order to mitigate its losses and focus on more lucrative investments.
The sale of Hotel Investment Partners is expected to attract interest from a number of potential buyers, including other private equity firms and hotel operators looking to expand their portfolios.
Despite the challenging market conditions, Blackstone remains optimistic about the future of the hospitality industry and is confident that the sale of Hotel Investment Partners will be a success.
Stay tuned for more updates on this developing story.
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