Blackstone sells Spanish hotels stake to GIC

Blackstone is selling a 35% stake in a Spanish hotel group to Singapore’s GIC. The sovereign wealth fund’s investment in Hotel Investment Partners values the group at more than €4bn. Blackstone said bringing in a new capital partner would “help to support the growth of the business”. Blackstone bought HIP in 2017 from Banco Sabadell two years after it was founded, and has overseen a rapid expansion. It now has 73 hotels across the Canary Islands, Balearic Islands, Italy, Greece and Portugal. Real estate now accounts for 13% of GIC’s total assets, up from 10% last year. The FT (£)