Blackstone has closed the refinancing for its Spanish hotel company Hotel Investment Partners (HIP), Spanish newspaper Cinco Días reports.
HIP is the largest owner of hotels in Spain, with assets operated and rented by brands including Marriot, Ritz Carlton, Barcelo and Melia.
The investment company secured the €680 million loan from Morgan Stanley and Credit Agricole.
The loan consists of a senior tranche of €475 million with a maturity of four years and an interest rate of Euribor plus 3 per cent. In addition, it is complemented by mezzanine debt of around €205 million with a maturity of five years and a rate of 7 per cent.
Looking ahead, Blackstone said: “The fundamentals of the Southern European hotel market are very good with record reservations expected as we move into the summer - the HIP business is well capitalised and is performing well.”