Blackstone to list Spanish hotelier HIP, Cinco Dias says
BX•Company and transaction background
HIP, which acquires, repositions and manages hotels, did not immediately respond to requests for comment. Neither did Singapore's GIC. Blackstone declined to comment.
Blackstone acquired HIP from Banco Sabadell in 2017.
($1 = 0.8646 euros)
Planned stake sale and capital increase
Blackstone is preparing to submit the request to the Spanish stock market regulator CNMV by the beginning of October, the newspaper added.
According to Cinco Dias, Blackstone is aiming to divest its 65% stake in the company and expects to carry out a €700 million capital increase at the debut. Singapore sovereign wealth fund GIC owns the rest of the company.
The process is backed by Santander, Morgan Stanley, Citi, BNP Paribas and Goldman Sachs, among others, Cinco Dias said.
Blackstone prepares IPO for Hotel Investment Partners
Private equity investor Blackstone is preparing an initial public offering for Spain's Hotel Investment Partners by late October or early November, newspaper Cinco Dias reported on Wednesday, citing unnamed sources close to the process.
Barcelona-based HIP owns a portfolio of 61 hotels and 20,000 rooms across Spain, Greece, Italy and Portugal, which Cinco Dias said is valued at around €6 billion ($6.94 billion).
