Hotelbeds, a company based in Palma de Mallorca which sells hotels rooms to wholesale customers such as travel agencies and tour operators, is worth between 4.5 billion and 5.5 billion euros ($4.89 billion-$5.97 billion), Expansion said.

Cinven and CPPIB, which bought Hotelbeds from German tourism group TUI in 2016 in a deal worth 1.17 billion euros, could opt for a direct sale, the newspaper said.

Spokespeople at Hotelbeds, Cinven, CPPIB, Morgan Stanley and Evercore did not immediately return messages seeking comment.

($1 = 0.9209 euros)

(Reporting by Inti Landauro; editing by Jason Neely)