GIC, a sovereign wealth fund established by the Government of Singapore, completed the acquisition of a 35% stake in Hotel Investment Partners, a privately held Spanish hospitality company, from Blackstone, an American multinational private equity company. Financial terms were not disclosed. “This partnership with GIC, alongside the controlling interest from Blackstone, is a further vote of confidence in the HIP business and the resort hospitality sector in Europe. The partners’ cumulative size, scale and capital will bolster our ability to continue the transformation of the hotel landscape in Southern Europe. The fundamentals of the Southern European hotel market continue to be strong with revenue booked for the balance of the year over 20% ahead of last year,” Alejandro Hernández-Puértolas, Hotel Investment Partners Founder and CEO.