Blackstone, the New York-based investment giant led by Stephen Schwarzman, owner of former Dunas hotels, IFA Hotels or properties such as the Barceló Margaritas in Playa del Inglés, has taken advantage of the summer to slim down the portfolio. The departure of families from the tourism business in favor of funds has been good for the south of the island because it prevents assets from being abandoned by the hand of God as is the case with shopping centers, which have down-and-out owners who want the authorities finance their renovations.
Nothing suggests at the moment that Blackstone's subsidiary, Hotel Investment Partners (HIP), is going to take that step given that the purchases and renovations began in 2017. But it is worth as a reference that: Blackstone got rid of some more hotels in the south of Florida, selling three Marriott-branded properties for a combined total of $64 million. What the North American fund has sold in Miami has been placed in Three Wall Capital, based in New York. There have been two hotels in Miramar, a Courtyard by Marriott and a Residence Inn by Marriott. Three Wall also purchased a Residence Inn by Mariott in Plantation.
Last month, Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for $40,1 million to Delray Beach-based Kolter Group. In 2022 Blackstone sold five budget hotels in South Florida for 61 million to Global Hotel Group. Since its initial foray into the Gran Canaria hotel market, Blackstone has become the largest owner in the sector in Maspalomas, Playa del Inglés and Mogán. In 2022 Blackstone said that "our hotel investments in southern Europe continue to perform well as fundamentals remain strong." While premium hotels are in demand and attracting the attention of lenders in deals like Blackstone's, overall refinancing conditions across European sectors have been affected by market uncertainty.
Falling property values and higher interest coverage ratios mean lenders are providing higher leverage than in the first half of 2022. Experts predict a debt financing gap in the UK, France and Germany during the Period 2023-25
