Gran Hotel Atlantis Bahía Real

Blackstone becomes Spain’s largest Hotelier

Today is the deadline for accepting the improved offer that Blackstone made on Hispania, the Spanish REIT whose 46 hotels would turn the PE firm into Spain’s largest hotelier with almost 17,000 rooms.

In order to guarantee the success of the acquisition, the PE firm reviewed its initial proposal of €17.45 on June the 28th. Blackstone’s latest offer is €18.25 per share, up from last Friday’s market close price of €18.22.

The revised offer was welcomed by analysts and investment banks, as well as the board of directors of Hispania, who issued a statement describing the offer as «attractive» and «adequate».

The final price has reached €2 billion bearing in mind that Blackstone had already acquired Soros’ 16.6% share before launching its bid. The hotel-focused Spanish REIT has seen its share price grow more than 16% during 2018 reach a market capitalization of €1.9 billion euros. As at the end of Q1 2018, Hispania’s portfolio included 46 hotels, 25 office buildings and 650 residential units located in Barcelona and the region of Madrid with a net debt of €894 million.

 

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