This strategy was announced at a time when the lack of offer in the sector and the assets’ high prices in Spain do not favour investment. But Alejandro Hernández- Puértolas, the management company’s CEO, guaranteed in an interview to newspaper Cinco Días that they are currently looking for «hotels for which to pay between 100.000 and 200.000 euro per room».
Blackstone’s management company concentrates 90% of its hotels in Spain, in the Canary and Balearic Islands, where they spent «200 million euro during the last few years in repositioning and we have obtained very significant revenues», he guaranteed. But «the Canary and Balearic Islands are becoming difficult and that led us in search of new markets», he explained.
One of those markets is the Portuguese market, where HIP debuted at the beginning of the year with the purchase of Hotel Lake Spa Resort in Vilamoura. According to the same newspaper, new acquisitions in Greece are also under the company’s radar.
This new path for HIP was announced after the company assumed a clear divestment route throughout last year in Spain, a strategy which will allow it to concentrate on its 4 and 5 star hotels with more than 200 rooms located in the country’s tourist areas. According to data gathered and listed at the Iberian Property Data, the management company carried out 3 sales in 3 operations: Hotel NH in Madrid, Hotel NH San Sebastián de Los Reyes and, lastly Hotels Sercotel in Malaga and Valencia.