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GIC, the sovereign wealth fund of Singapore, acquires 35% of HIP

The sovereign wealth fund of Singapore, GIC, one of the major global investors, has acquired a 35% stake in Hotel Investment Partners (HIP), one of the leading hotel owners in Southern Europe. HIP was founded in 2015 and was acquired by funds managed by Blackstone in 2017. GIC will become a shareholder with approximately 35%, while Blackstone will remain the majority shareholder of HIP with a 65% stake, as stated by HIP.

Since 2017, HIP has pursued a strategy of acquiring and repositioning well-located hotels, investing over 600 million Euros in the platform. HIP collaborates with major global hotel groups, including Ritz-Carlton, Barceló, Melia, Hyatt, Hilton, Ledra, and Marriott. Currently, the company holds a portfolio of 72 hotels, totaling over 21,000 keys, in Spain, Greece, Italy, and Portugal.

In January 2022, the sovereign wealth fund of Singapore announced its entry into the residential rental market in Spain with Azora, aiming to invest 1.5 billion Euros in the country through a residential leasing platform called Brisa.

It’s worth noting that in Italy, in December 2021, a joint venture agreement was signed between Blackstone (HIP) and Aeroviaggi, involving the repositioning of 6 out of 13 Aeroviaggi properties in Sicily and Sardinia, and the search for additional 6 properties.

HIP’s activity includes adding 6 more hotels to the portfolio, which will undergo renovation and be managed by Aeroviaggi under the Mangia’s brand. The target properties for HIP must have a capacity ranging from 50 to 200 keys and be located in established destinations like Puglia, Sicily, and Sardinia, or in business destinations like Rome and Milan.

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