Blackstone Plans $7 Billion IPO of Spanish Resort Owner HIP
Blackstone is reportedly preparing a Madrid IPO for Hotel Investment Partners, targeting a valuation of at least $6.9 billion this fall.
Stock photo for illustration only, not from the actual event
- Blackstone is preparing to take Hotel Investment Partners (HIP) public on the Spanish stock exchange this autumn.
- The IPO targets a valuation of at least $6.9 billion (€6 billion to €7 billion), according to financial daily Cinco Días.
- The listing aims to raise roughly €700 million in fresh capital to fund future acquisitions and property renovations.
- HIP's portfolio includes 61 hotels and 20,000 Mediterranean rooms across Spain, Portugal, Italy, and Greece.
Private equity giant Blackstone is reportedly advancing plans to float Hotel Investment Partners (HIP), one of Southern Europe's largest resort landlords, on the Madrid stock exchange this fall. Financial daily Cinco Días reported that the initial public offering is targeting a valuation of at least $6.9 billion (€6 billion to €7 billion) after nearly two years of exploring a potential sale of the company.
Regulatory filings with Spain's securities watchdog are anticipated in early October, with the stock debut slated for late October or early November. A heavyweight banking syndicate including Goldman Sachs, BNP Paribas, Santander, Citi, and Morgan Stanley is lined up for the offering. Neither Blackstone nor HIP responded to inquiries from Skift regarding the reported public offering.
Stock photo for illustration only, not from the actual event
Unlike many industry peers shifting toward asset-light operating models, HIP maintains an asset-heavy strategy focused on resort real estate ownership. The company's portfolio features 61 properties totaling 20,000 rooms across the Mediterranean, specifically spanning Spain, Portugal, Italy, and Greece, with 78% located beachfront and 94% rated four- or five-star.
HIP acquires and repositions classic Mediterranean resorts before handing operational management over to established hospitality brands such as Marriott, Hyatt, Hilton, Barceló, Meliá, and Lopesan. Blackstone currently holds a 65% stake in the firm acquired from Banco Sabadell in 2017, while Singapore's GIC acquired a 35% interest in 2023 through a transaction that valued the resort owner at over €4 billion.
Blackstone's push for an IPO at a significantly higher valuation than its 2023 valuation highlights the resilience and strong cash-flow generation of prime Mediterranean resort real estate. By retaining an asset-heavy model, HIP captures the upside of property appreciation following more than $900 million invested in upmarket repositioning since 2017, proving that trophy leisure assets can command strong public market appetite.
Source: Skift
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