Blackstone plans to sell Hotel Investment Partners, Cinco Dias reports

(Reuters) – Private equity fund Blackstone (NYSE:BX) is readying the sale of Spain-based Hotel Investment Partners (HIP), which is worth 6.5 billion euros ($6.77 billion), Spanish newspaper Cinco Dias reported on Wednesday, citing several unidentified market sources.

HIP owns 73 hotels with 22,000 rooms in Spain, Portugal, Italy and Greece.

Blackstone is seeking to divest this year either through the sale of the 65% it owns in HIP or through an initial public offering, Cinco Dias reported.

Blackstone and HIP did not immediately respond to requests for comment.

Blackstone acquired HIP from Banco Sabadell in 2017.

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