- Blackstone acquired HIP in 2017
- GIC is a global investor based in Singapore
- Blackstone is an alternative asset manager with $1trn in assets
Blackstone has sold around 35 percent stake in Hotel Investment Partners (HIP), an owner of resort hotels in Southern Europe, to GIC.
Blackstone will continue to be a majority shareholder in HIP, with around 65 percent ownership of the company.
Barcelona-based HIP was founded in 2015. It has a portfolio of 72 hotels, totalling over 21,000 keys across Spain, Greece, Italy and Portugal.
Blackstone acquired HIP in 2017. Since then, HIP has pursued an acquisition and repositioning strategy for under-invested hotels, investing over €600 million of capital into the platform, according to a release.
“We look forward to working with Blackstone and HIP’s management team as they continue to deliver on HIP’s strategy to enhance existing assets, while capitalising on the growing global and domestic demand for high quality Mediterranean resorts,” said Lee Kok Sun, chief investment officer, real estate, GIC.
GIC is a global investor that manages Singapore’s foreign reserves. It is based in Singapore.
Blackstone is an alternative asset manager with $1 trillion in assets under management. The firm is based in New York.