Who we are? Hotel Investment Partners is today the largest hotel owner in Spain. We own more than 67 hotels, more than 20,000 rooms. But it is true that in a very short period of time, we have been able to build a very unique portfolio of hotels. It is also true that the investment landscape in Spain, but also in southern Europe, has changed significantly. When we find that the company in 2015, the investment landscape was very different from the current one today.

There was the opportunity to really help the banks that had huge exposure to the hotel industry through non-performing loan portfolios to unlock value with an industrial approach. So basically, we saw the opportunity to do this at that time. We created a joint-venture with Banco Sabadell that is today the 4^th largest financial institution. So we manage a portfolio of 1 billion euros of non-performing loans, and we help them to restructure this portfolio. Thanks to that, we were able to take control and to acquire 14 hotels. Once we solved that situation, we saw a large opportunity in the Spanish market.

Our approach has always been an added-value approach to the Hotel industry. Today Spain is a very fragmented market, with a lot of small hotel investors, families, that control 3, 4, 5, 10 hotels. But from a management point of view, there is a lack of distribution capabilities. So we saw that opportunity, as we saw the opportunity to reposition those hotels. That’s why in 2017, Blackstone acquired the company. We had a partnership with them, and this has boosted the growth of our company. Moving from 17 hotels in 2017 to 67 hotels today. Apart from Spain, we are also very interested in Greece...