US asset management giants Blackstone and Brookfield have reportedly made offers to buy Spanish Banco Sabadell's hotel arm, HI Partners.
According to Spanish newspaper El Confidencial, the lender is currently examining the bids and may abandon its planned listing of HI Partners in favour of a direct sale.
Banco Sabadell had been running a dual track process to dispose of its hotel investment arm as part of efforts to offload property assets, pursuing both an IPO and a direct sale.
It hired Citi, Credit Suisse and Morgan Stanley to advise on the potential listing, which was due to take place in the third quarter of the year.
It hired investment bank Lazard to manage a trade sale of the business, which is valued at some €1 bn, according to those who track the market.
Sabadell holds a 99% stake in HI Partners, which manages 31 hotels in Spain as well as €800 mln of hotel loans.
The company's portfolio has been split in two parts, one owning the best assets, a total of 14 hotels, the other with the rest of the portfolio. Under the planned listing, which was initially the group's preferred option, it would float only the best assets in an Initial Public Offering planned for later this month.
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12 October - Hotels Investment Briefing
PropertyEU's morning briefing on the latest real estate news and trends in the European hospitality industry takes place at the offices of Paul Hastings in London on 12 October.
The event runs from 8am to 10.30 am. Attendance is free but places are strictly limited.
Please register as soon as possible to book your place
SPEAKING AT THIS EVENT
Patrick Saade
Exectuive Vice President JLL Hotels and Hospitality Group, UK
Michelle Weiss
Head of Hotel Properties · Special Property Finance Aareal Bank AG, Germany
Asli Kutlucan
Chef Development Officer Cycas Hospitality BV, The Netherlands
David Ryland
Partner Paul Hastings (Europe) LLP, United Kingdom
Andreas Löcher
Head of Acquisition & Sales Investment Management Hotels Union Investment Real Estate
