5 October 2017 – Eje Prime
Sabadell may be selling off its hotels. The Catalan bank has received two offers from two international investment funds to divest its hotel chain, HI Partners. The interested parties are Blackstone and Brookfield, who have submitted bids to purchase all of the assets owned by Sabadell’s subsidiary.
HI Partners has been preparing its debut on the stock market, for which it has engaged Credit Suisse, Morgan Stanley and Citi. With a value of €1,000 million and another €850 million of debt under management, Sabadell was committed to listing the company on the stock market this year. But according to El Confidencial, that decision could now be up in the air.
The bank chaired by Josep Oliu has been running the hotel chain for the last two years, under the leadership of Alejandro Hernández-Puértolas and Santiago Fisas. Its portfolio comprises around thirty hotels, including The Ritz-Carlton Abama and the Jardín Tropical, in Tenerife, and the recently inaugurated Hotel Axel, in Madrid.
A year ago, the subsidiary of Sabadell purchased three hotels in the Canary Islands from Grupo Lopesan, in a three-way operation with the construction company Sacyr and the island-based holding company.
Original story: Eje Prime
Translation: Carmel Drake