- Blackstone targets an IPO for HIP valued at approximately €6bn ($6.94bn).
- The portfolio comprises 61 hotels with roughly 20,000 rooms across four countries.
- Blackstone holds 65 pc and GIC holds 35 pc of the hospitality platform.
- A €700m capital increase accompanies the public offering.
- The IPO is targeted for late October or early November 2026.
Private equity giant Blackstone is preparing an initial public offering (IPO) for Hotel Investment Partners (HIP) valued at roughly €6bn ($6.94bn), targeting a filing with Spain’s CNMV regulator in early October 2026 and a debut by late October or early November. The transaction includes a €700m capital increase to fund ongoing asset acquisition and expansion. Blackstone holds a 65 pc stake in the hospitality platform, with Singapore’s sovereign wealth fund GIC retaining the remaining 35 pc.
The HIP portfolio consists of 61 hotels containing roughly 20,000 rooms distributed across Spain, Greece, Italy, and Portugal, focusing primarily on upscale four- and five-star properties. Blackstone originally acquired HIP from Banco Sabadell in 2017. The platform operates by acquiring prime Mediterranean and Southern European leisure hotels, investing capital to reposition them into four- and five-star categories, and outsourcing day-to-day management to prominent international hospitality brands. Roughly 78 pc of HIP’s rooms occupy front-line, seaside locations heavily exposed to vacation tourism.
Backed by a banking syndicate including Santander, Morgan Stanley, Citi, BNP Paribas, and Goldman Sachs, the offering is designed to include the capital increase paired alongside a partial secondary share sale by current holders. The move follows earlier dual-track deliberations regarding either a direct secondary sale or a public listing to monetise the position. The stock market debut is targeted for late October or early November 2026.
