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Santander and Blackstone Put a Large Portfolio of Hotel Debt Up For Sale

Through their JV Quasar, the companies have launched the sale of a portfolio of loans from Banco Popular consisting of seven hotels and a shopping centre.

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Santander and Blackstone have released the first large hotel debt portfolio to be put up for sale amid the Covid crisis. The portfolio is made up of seven tourist establishments located on the Iberian Peninsula and one shopping centre in Galicia, which the two entities want to sell through Aliseda.

All of the loans were originated by Banco Popular but after the resolution and sale of the entity to Santander for one euro, in 2017, they became part of Quasar, a company owned jointly by the bank and the US fund, into which Popular’s old non-performing portfolio was incorporated.

Read the full article in Spanish.

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