24 June 2019 – Preferente.com
The Catalan hotel chain SB Hotels acquired its first hotel in Madrid, buying the 99-room San Sebastian de los Reyes, currently operated by NH. SB bought the hotel from HIP, a subsidiary of Blackstone, for an estimated 12 million euros.
NH’s lease ends in November and SB Hotels is already planning renovations after the summer of 2020. This is SB Hotels’ eighth unit in Spain. HIP has 62 assets and more 18,000 rooms.
Original Story: Preferente.com
Translation/Summary – Richard D. Turner