Buyout fund Cinven and Canadian pension fund CPPIB have hired Morgan Stanley and Evercore to prepare an initial public offering for Spain's Hotelbeds, a source familiar with the matter said on Friday 30 June, confirming a report by Expansion newspaper.
Hotelbeds, a company that is based in Palma de Mallorca and sells hotels rooms to wholesale customers such as travel agencies and tour operators, is worth between €4.5 billion and €5.5 billion, Expansion said.
Cinven and CPPIB, which bought Hotelbeds from German tourism group TUI in 2016 in a deal worth €1.17 billion, could opt for a direct sale, the newspaper said.
Declined To Comments
Spokespersons at Hotelbeds, CPPIB and Morgan Stanley declined to comment.
The above news follows the following news from earlier this week:
Madrid Joins Race For High-Spending Tourists With Bet On Five-Star Hotels
As pandemic travel restrictions began to ease in the spring of 2021, foreign tourists returning to Madrid discovered the city's downtown had undergone a makeover.
An area better known for its budget hostels, tacky souvenir shops and car-choked roads now had wider pavements, pedestrianised zones, and streets that Madrid's town hall says are safer and cleaner.
The facelift was part of the city's plan to attract a string of five-star hotels as it pushes for a piece of the luxury tourism sector until now dominated in Europe by Paris, London and Milan.