U.S.-based private equity firm Blackstone will make a full takeover bid for Hispania via investment vehicle Alzette Investment, in a deal valuing the Spanish hotel group at around 1.9 billion euros ($2.3 billion).

Blackstone has agreed to buy 16.65 percent of Hispania at 17.45 euros per share for a total of 315.4 million euros from funds QP Capital Holdings Ltd and QPB Holdings Ltd.

Blackstone will make a full-takeover bid at the same price, conditional on holders of 50 percent plus one Hispania share accepting the deal.

The offer is the latest in a string of Spanish investments by Blackstone, including the acquisition of HI Partners from Banco Sabadell and portfolios from Banco Popular.