Key Points
- Blackstone plans a Spanish IPO for Hotel Investment Partners at a €6–7 billion ($6.9B+) valuation, targeted for late October or early November, raising ~€700 million in new capital for acquisitions and renovations.
- HIP is an asset-heavy resort landlord with 61 hotels and 20,000 Mediterranean rooms (78% beachfront, 94% four- or five-star), leasing operations to brands like Marriott, Hyatt, Hilton, Barceló, and Meliá.
- The proposed valuation marks a significant markup from the €4 billion+ implied when GIC bought its 35% stake in 2023, following $900M+ in upmarket repositioning investment since 2017.
Summary
Blackstone is reportedly preparing to float Hotel Investment Partners (HIP), one of Southern Europe’s largest pure-play resort landlords, on the Spanish stock exchange at a valuation of at least $6.9 billion (€6–7 billion), with the listing targeted for late October or early November 2025 and a regulatory filing expected in early October. The IPO would raise roughly €700 million in fresh capital through a primary share issuance to fund acquisitions, asset expansion, and renovations, backed by a heavyweight banking syndicate including Goldman Sachs, BNP Paribas, Santander, Citi, and Morgan Stanley. HIP owns a 61-hotel, 20,000-room Mediterranean portfolio—78% beachfront and 94% rated four- or five-star—spread across Spain, Portugal, Italy, and Greece, and follows an asset-heavy model in which it acquires and repositions resorts while handing operations to third-party brands such as Marriott, Hyatt, Hilton, Barceló, Meliá, and Lopesan. Blackstone owns 65% of the company (acquired from Banco Sabadell in 2017), with Singapore’s GIC holding 35% via a 2023 deal that valued HIP at over €4 billion.