Blackstone continues to invest in hotels and completes the acquisition of Cvent

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Blackstone has completed the refinancing of its Spanish hotel company Hotel Investment Partners (HIP), reports the Spanish economic newspaper Cinco Dias. The investment company secured the 680 million euro loan from Morgan Stanley and Crédit Agricole.

HIP has therefore become the largest owner of hotels in Spain, with assets operated and leased by brands such as Marriott, Ritz Carlton, Barcelo and Melia.

HIP is expected to own around 70 hotels

HIP already had in 2022, 65 hotels with 19,345 keys in Spain, Greece and Portugal. The investment company does not intend to stop there, especially as business picks up this year. Blackstone said: “The fundamentals of the Southern European hotel market are very good with record bookings expected at summer is approaching – the HIP business is well capitalized and doing well. »

Blackstone reportedly completes Cvent takeover

Blackstone has entered into a definitive agreement to purchase meetings, events and hospitality technology provider Cvent. This operation is valued at 4.6 billion dollars.

As part of the transaction, a wholly owned subsidiary of the Abu Dhabi Investment Authority will be a minority investor alongside Blackstone.

Cvent reportedly has 22,000 customers worldwide

Cvent, which was founded in 1999 in Tysons, Virginia, has approximately 22,000 customers worldwide in the hospitality, corporate, nonprofit and higher education sectors as of December 31, 2022. It has helped manage over 5 million events and lists over 302,000 hotels and venues on the Cvent Supplier Network, an online platform with tools to research and negotiate event space contracts with hotels and venues. ‘other places.

Cvent founder predicts strong business acceleration

We look forward to our next chapter alongside the Blackstone team, Reggie Aggarwal, Founder and CEO of Cvent, said in the release. “As one of the world’s largest private equity firms, Blackstone brings deep expertise in the events and hospitality industry, and with their support, we plan to continue to invest in our business and deliver innovative solutions that meet the needs of our customers and power the meetings and events ecosystem.

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