HI Partners acquires the remaining stake of Hotel Ritz Carlton Abama to Tropical Hoteles

| Press Release

Barcelona, 8th of March 2018. HI Partners acquired to Tropical Hoteles the remaining stake of the property company owning the Ritz Carlton Abama hotel, becoming the sole owner of this renown hotel.

The 5* GL hotel counts with 461 rooms, of which 148 are luxury Villas. It was designed by the prestigious architect Melvin Villaroel, one of the pioneers in the fusion of architecture and nature. The hotel is built on a 90 thousand sqm plot adding up a total of 120 thousand sqm of built surface.

Situated on the west coast of Tenerife, the resort enjoys a unique first-line location, equipped with exceptional facilities providing a wide range of services for the customers. Among many of its facilities there are: 13 restaurant and bar outlets, including the two-Michelin- starred MB restaurant by the chef Martin Berasategui, seven outdoors swimming pools, beach club, wellness center with 2,500 sqm and MICE spaces of 1,500 sqm.

Ritz Carlton, the current hotel manager, will continue its operations as has been doing for the last years. Ritz-Carlton is a luxury brand owned by Marriott International with more than 100 years of history, generating value added to the asset and assuring the maximum quality standards and management
according to the hotel category.

HI Partners, together with Blackstone, continues executing its growth strategy and consolidating as one of the largest leisure hotel owners in Spain.

About HIP

Hotel Investment Partners is a leading leisure real estate company in Spain owning 17 hotels comprising 4,500 rooms. The hotels are predominantly operated under management contracts with strong national and international operators including Ritz-Carlton, AC Marriott, Lopesan, and Meliá, amongst others. HI Partners has a strong and experienced senior management team with over 50 years of combined experience in the hospitality sector and an outstanding track record.

About Blackstone Real Estate

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $111 billion in investor capital under management. Blackstone’s real estate portfolio includes hotel, office, retail, industrial and residential properties in the US, Europe, Asia and Latin America. Major holdings include Hilton Worldwide, Invitation Homes (single family homes) and prime office buildings in the world’s major cities. Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust.

About Tropical Hoteles

Tropical Hoteles is the parent company of Grupo Timón in the Canary Islands, and groups the different residential and touristic activities in this Community.

Tropical Hoteles maintains its bet for the residential development in Abama by the promotion through “Abama Luxury Residences” of an exclusive residential and touristic luxury resort with different premium products, which aim is to become the reference resort in Europe, as well as the management of hotels and touristic apartments through its trademark “My Way”.