17 October 2017 – Expansión
Sabadell has sold 100% of the share capital in HI Partners, its hotel management platform, to Halley Holdco, an entity controlled by funds advised by subsidiaries of Blackstone. The transaction price amounted to €630.73 million, according to a statement filed by the bank with the CNMV. Nevertheless, the definitive valuation will be subject to “possible non-material adjustments” and “is conditional upon obtaining the necessary authorisation from the National Securities Market Commission (CNMV)”.
Sabadell will recognise a net gain of €55 million in its results for this year as a consequence of the sale. Moreover, it will improve its maximum quality capital ratio (CET 1 without full implementation of Basel III) by 22 basis points. In June, its capital ratio amounted to 12.67%, in accordance with the calendar for the gradual adaptation of the rule, and to 12.1% assuming the full application of Basel III (fully loaded).
HI Partners is one of the largest managers of hotel assets, including debt, in Spain, with 29 properties in its portfolio and 4,793 rooms in total. Its establishments include the Hotel Ritz-Carlton Abama, in Guía de Isora (Tenerife); the Hotel Abora Catarina, located in Maspalomas (Gran Canaria); and the Hotel ME Sitges Terramar (Sitges), the Hotel Hilton Sa Torre, in Llucmajor (Mallorca); and the Abba Acteon, in Valencia.
Before the summer, Sabadell engaged the investment banks Citi, JP Morgan and Credit Suisse to sound out the market regarding the possible placement on the stock exchange of its hotel management subsidiary.
In addition to Sabadell’s majority stake, HI Partners’ other shareholders include the company’s management team, comprising Alejandro Hernández-Puértolas, Sergio Carrascosa and Santiago Fisas. Its most recent operations involve several agreements with the Canary Islands-based hotel group Lopesan, from which it purchased the hotels ‘Ifa Dunamar’, ‘Ifa Continental’ and ‘Ifa Beach’.
Original story: Expansión
Translation: Carmel Drake