Blackstone is preparing to float Hotel Investment Partners on the Spanish market at a valuation of up to €7 billion, a markup that would hand the firm and its Singaporean co-investor a paper gain on a resort portfolio they have been repositioning since 2017.
The structure and the sellers
The offering would consist of a primary issuance raising roughly €700 million for acquisitions and renovations, with Blackstone’s 65 percent stake and GIC’s 35 percent holding unchanged in the immediate aftermath. Blackstone took control from Banco Sabadell in 2017; GIC entered at a €4 billion-plus valuation in 2023. The source does not disclose a break fee, a minimum acceptance threshold, or the undisturbed trading price against which the premium would be measured.
The asset base
HIP operates as a pure-play landlord: 61 hotels, 20,000 rooms across Spain, Portugal, Italy and Greece, 78 percent beachfront and 94 percent rated four or five stars. Operations are leased to Marriott, Hyatt, Hilton, Barceló, Meliá and Lopesan. Since 2017 the partnership has deployed more than $900 million on upmarket repositioning, a figure the source treats as the primary justification for the valuation step-up.
The syndicate and the calendar
Goldman Sachs, BNP Paribas, Santander, Citi and Morgan Stanley are listed as the banking syndicate. A regulatory filing is expected in early October, with pricing targeted for late October or early November. The source gives the year as 2025, though the report itself is dated September 2026.
What to watch
The IPO tests whether public markets will price a lease-heavy, asset-intensive resort platform at a multiple that reflects the repositioning spend rather than the underlying lease yield. If the deal clears, Blackstone and GIC retain majority control while funding the next acquisition cycle with public equity, a structure that leaves the sponsors exposed to the spread between the cost of that equity and the returns on future capex.