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Sabadell sells to the Blackstone fund its HIP Hotel subsidiary for 630 million

The Desinvierte bank in hotels to focus on its strategic plan up to 2020

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Sabadell sells to the Blackstone fund its HIP Hotel subsidiary for 630 million

Banco Sabadell has sold its hospitality management platform, Hotel Investment Partners (HIP) to Halley Holdco, a "fund-controlled entity advised by subsidiaries of Blackstone Group," as Catalan bank announced in a press release. In absence of adjustments and after authorization of National Commission of Markets and competition (CNMC), price of sale of 100% of capital of HIP amounts to 630.7 million of euros, which will generate a surplus of 55 million in accounts of bank of 2017.

The bank chaired by Josep Oliu decides to disinvest in this hotel subsidiary "at a time of high demand by investors" in hotel sector. The bank reports that it has been working two years in operation to maximize value of its hotel assets, and, after sale, has objective of focusing on development of its strategic plan 2018-2020.

According to Sabadell, HIP has 14 hotels of superior category in different tourist destinations in Spain (Canary Islands, Andalusia, Comunidad Valenciana, Baleares and Madrid), with a total of 3,700 rooms. In addition, HIP, says note, also "negotiates management contracts with best tour operators and develops alliances with main specialists in hospitality sector and seeks assets in locations aligned with this business model, "Mainly on coast and in main urban nuclei."

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