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Blackstone strengthens portfolio in Spain

Blackstone Real Estate Partners Europe V (“Blackstone”) has agreed to acquire Hotel Investment Partners (HI Partners), a leading Spanish hospitality company, from Banco Sabadell for a reported 630 million (US$741 million). HI Partners owns a portfolio of 14 primarily coastal hotels with over 3,700 rooms in Spain’s most popular tourism destinations.

Blackstone, which reportedly outbid Brookfield for the portfolio, said it will partner with the HI Partners management team to continue to execute on its strategy to grow across Spain.

HI Partners, a chain that has been preparing its IPO for months, has assets that include the Ritz-Carlton Abama.

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