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HI Partners on the stock exchange as a SOCIMI

The HI Partners hotel chain, belonging to Banco Sabadell, is to launch on the stock market as a socimi before the year is out. 

According to Spanish Real Estate, the Banco Sabadell has handed the responsibility for this step to Credit Suisse, Morgan Stanley and Citi. The launch is predicted for the last quarter of the year, and will allow the deconsolidation of thirty or so foreclosed is a division of  assets (31 hotels) and 850 million in debt, with Starwood Capital also present.

Sabadell still has not decided the percentage of capital which it will end up selling, seeing that the valuation is both for a partial group up to the total amount, although, in any case, it can be below 50%, the same source states. Meanwhile, talks continue with various international investors who may be interested.

HIP is a division of Solvia, the real estate division Sabadell which in 2015 lined up with a team of specialists in hotel management place a value on both the establishments which the bank had been foreclosing, and also the debts with hotel collateral. In March of last year, HIP Starwood Capital Holdco Value Added joined the business, and now holds 30% of the shareholding.

HI’s objective is to raise a maximum of 500 million euros, to be reinvested in other units. On becoming a socimi, all profits will be directed to the shareholders in the form of a dividend.