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Blackstone: main owner of hotel assets in Spain

After launching an offer for the entire capital of the asset management firm Hispania, worth over 1.9 billion euros, the CNMC authorised Alzette Investment, a company advised by subsidiaries of the American fund Blackstone Group, to acquire the company.

Blackstone has agreed to acquire 16.56% of Hispania shares at 17.45 euros per share for a total of 315.4 million euros from QP Capital Holdings and QPB Holdings, managed by the billionaire George Soros.

The Comision Nacional de los Mercados y de la Competencia (CNMC) has authorized Alzette Investment, a company advised by subsidiaries of the American fund, to acquire Hispania Activos Inmobiliarios on Friday. The transaction will make Blackstone Group International Partners the leading owner of hotel assets in Spain.

Blackstone has made several deals in Spain recently, including the acquisition of HI Partners (630 million euros) from Banco Sabadell and the takeover of portfolios from Banco Popular. The investment fund that presents itself as the leading real estate asset manager worldwide has invested several billion euros to buy toxic real estate assets that were seized by Spanish banks during the insolvent debtors' crisis.

With the acquisition of Hispania, owner of 13,100 rooms, Blackstone, holder of the hotel group Hilton Worldwide, would create a hotel giant in Spain, according to the financial paper Cinco Dias.

It should be remembered that Blackstone has also expressed interest in shares of HNA at NH Hotel Group.

According to Hispania, the company closed fiscal year 2017 with a total turnover of 157 million euros, or a 10% increase over the previous one.

During the year, Hispania invested more than 340 million euros in new investments, in particular with the acquisition of the hotel Selomar in Benidorm, the hotel Fergus Tobago in Palma de Majorca, and the takeover of seven hotels operated by Alua Hotels & Resorts with more than 1,700 rooms and the acquisition of 24% of Bay Hotels & Leisure, owned by Barceló.

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