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Banco Sabadell sells 100% of HI Partners to Blackstone Group for 630 million euros

  • The subsidiary has 14 hotel assets located in key tourist destinations in Spain.

Banco Sabadell has sold 100% of its hotel management platform, Hotel Investment Partners, to Halley Holdco S.à.r.l., an entity controlled by funds managed by subsidiaries of The Blackstone Group. The price of the transaction is 630,732,907 euros. The definitive amount depends on possible adjustments which are not material and is subject to receipt of the required authorisation from the Spanish National Securities Market Commission and anti-trust authorities.

This transaction marks the end of a project that began just two years ago (in May 2015), the objective of which was to maximise the value of the entity’s hotel assets. Now, the bank chaired by Josep Oliu is divesting its subsidiary, taking advantage of the current high demand from investors, in order to focus on developing its Strategic Plan for 2018-2020.

The transaction will result in net gains of 55 million euros for Banco Sabadell’s income statement for 2017 and will generate 22 basis points of common equity tier 1 (CET1) capital for the regulatory capital position of Banco Sabadell at 31 December 2017.

Over 3,700 hotel rooms in key tourist destinations
HI Partners is a company engaged in the ownership of hotel assets. It has a portfolio of 14 luxury hotels in Spain, located in key tourist destinations with over 3,700 rooms.

It mainly operates in Spain and is able to take advantage of the excellent situation that the Spanish tourist market is currently experiencing thanks to its hotels located in the following regions: Canary Islands, Andalusia, Valencia, Catalonia, Balearic Islands and Madrid.

The business model of HI Partners focuses on developing a non-replicating portfolio of hotel assets and optimising the performance of the portfolio through a unique management model and value proposition. The company repositions hotel assets in order to offer customers a better experience, by transforming these assets and applying new operating models.

HI Partners also negotiates management contracts with the best tourist operators, enters into partnerships with the main specialists in the hospitality industry and searches for assets in locations that are aligned with this business model, mainly coastal regions and large cities.

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Banco de Sabadell, S.A. Avenida Óscar Esplá, 37, 03007 Alicante, registered with the Mercantile Register in Alicante, tome 4070, folio 1, page A-156980, Fiscal Identification Number (NIF) A08000143.
Financial institution under the supervision of the Bank of Spain and registered in the Special Administrative Register under number 0081
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