Blackstone Group LP agreed to acquire Banco de Sabadell SA's Spanish hospitality business for €630.7 million.

The private-equity giant said in a release that it is acquiring Hotel Investment Partners, or HI Partners, through Blackstone Real Estate Partners Europe V. HI Partners' portfolio includes more than 3,700 rooms across 14 primarily coastal hotels in tourism sites across Spain.

In a separate release, Banco de Sabadell said the consideration may be subject to nonmaterial adjustments and is conditional upon Spain's National Markets and Competition Commission.

HI Partners, which was valued at about €1 billion, received bids from Blackstone and Brookfield Asset Management, according to an earlier report.