GIC Said to Eye Bigger Stake in Blackstone’s Spanish Hotels

GIC Pte. is weighing a plan to increase its stake in a Spanish hotel business that’s majority owned by Blackstone Inc.

The Singapore sovereign wealth fund, which already owns 35% in Hotel Investment Partners SA and most of its properties, is now evaluating a possible offer to increase its ownership, according to people with knowledge of the process. GIC is undertaking due diligence and there is no certainty that the process will lead to a transaction, the people said, asking not to be identified discussing private information.

Representatives for Blackstone and GIC declined to comment.

Dealmaking in European hotels ...