GIC Invests in Blackstone-Linked Hotel Investment Partners

Posted on 11/02/2023

Singapore’s GIC Private Limited has invested in a 35% stake in Barcelona-based Hotel Investment Partners (HIP). Hotel Investment Partners is an owner of resort hotels in Southern Europe. Founded in 2015, HIP was acquired by funds managed by Blackstone in 2017. Blackstone will continue to be the majority shareholder in HIP with a 65% stake, according to the statement. The Singaporean sovereign wealth fund has a history of being a co-investor in Blackstone-affiliated companies and assets.

“The partners’ cumulative size, scale and capital will bolster our ability to continue the transformation of the hotel landscape in Southern Europe,” Alejandro Hernández-Puértolas, founder and CEO of HIP, said in the statement. Alejandro Hernández-Puértolas previously worked at Reig Capital Group from 2007 to 2011 where he held the position of CEO and at the time had around €2.6 billion under management.

HIP has pursued an acquisition and repositioning strategy since 2017 and has invested over 600 million euros hotels.

HIP has 72 hotels across Spain, Greece, Italy and Portugal, employing about 10,000 people, and counts global hotel brands including Ritz-Carlton and Hilton as partners, according to the statement.

Eastdil Secured and Morgan Stanley acted as advisors to HIP.

Keywords: Blackstone Group LP.

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