Blackstone, the American fund manager, has commissioned Morgan Stanley and Citi to advise on the divestment of the Spanish group Hotel Investment Partners (HIP), owner of the hotels that Lopesan sold in 2017 and of what was saved from the bankruptcy of Ángel Luis Tadeo's Promotafe, the hotels (some of them actually apartment complexes) that have operated as Dunas. From Lopesan, Blackstone owns all the former IFA Hotels, which are now known as the Abora brand and the skeleton of a sardine as their logo. Another HIP hotel is the Barceló Margaritas in Playa del Inglés. At this point, the possibility of carrying out a public offering of shares (OPA) on the Stock Exchange or a direct sale to the highest bidder is now being considered, which in financial terms is known as dual track. 45% of HIP's activity is focused on the Canary Islands, especially in the south of Gran Canaria, where most of its businesses operate.
HIP is the largest hotel owner in Southern Europe, with a portfolio of 73 assets and 22,000 rooms spread across Spain, Greece, Italy and Portugal. The group's valuation could reach 6.500 billion euros, including its debt. In the management of these hotels, HIP collaborates with operators such as Hilton, Marriott, Meliá, Barceló, Hyatt, Dunas Promotafe, Lopesan and Ledra, among others. The final decision on the divestment, which is currently in its initial phase, contemplates the possibility of integrating HIP into the Ibex 35, provided that the necessary requirements are met. If the decision is made to go public, Morgan Stanley and Citi would act as global coordinators of the placement, according to Expansión.
In addition to Blackstone, the Singapore fund GIC has held approximately 35% of HIP since 2023, while the remaining 65% remains in the hands of funds managed by Blackstone. The founding team has a minority stake in the company. HIP was founded in 2015 by Alejandro Hernández-Puértolas and Banco Sabadell. At the end of 2017, Blackstone acquired 100% of the company for 631 million euros. At that time, the hotel chain had 14 hotels and 3.700 rooms. In July 2018, Blackstone took control of the REIT Hispania through a takeover bid valued at 1.992 billion euros, subsequently delisting it from the stock market.
