Blackstone Plans $7 Billion IPO for Spanish Resort Owner HIP
Blackstone is preparing to list Hotel Investment Partners, a major Mediterranean resort landlord, on the Spanish stock exchange in an IPO valued at €6-7
Private equity giant Blackstone is reportedly planning an initial public offering for Hotel Investment Partners (HIP). The Spanish resort owner could be valued between €6 billion and €7 billion ($6.9 billion+) in a listing targeted for late October or early November. After nearly two years of weighing a sale, the private equity giant is reportedly steering the Barcelona-based owner of hotels and resorts across the Mediterranean toward a Madrid listing this fall.
A filing with Spain's securities regulator is expected in early October. The IPO would raise approximately €700 million in new capital through a primary share issuance. These funds are intended to finance acquisitions, portfolio expansion, and renovations.
The Hotel Investment Partners Portfolio
HIP is described as one of Southern Europe's largest pure-play resort landlords. Its portfolio consists of 61 hotels containing roughly 20,000 rooms across the Mediterranean. The company's properties are concentrated in Spain, Portugal, Italy, and Greece.
The portfolio is heavily focused on upscale, beachfront locations. A full 78 percent of its hotels are situated on the beach. Also, 94 percent of its properties carry a four- or five-star rating.
An Asset-Heavy Business Model
The company follows an asset-heavy ownership model. HIP acquires and repositions resort properties but does not manage them directly. Instead, it leases operations to established third-party hotel brands. HIP is staying asset-heavy when the broader hotel industry has shifted toward asset-light models.
Major brands operating HIP's hotels include Marriott, Hyatt, Hilton, Barceló, Meliá, and Lopesan. This structure allows the company to focus on real estate investment while use the operational expertise and loyalty programs of global chains.
Ownership and Valuation History
Blackstone currently holds a 65 percent stake in HIP, which it acquired from Banco Sabadell in 2017. Singapore's sovereign wealth fund, GIC, purchased a 35 percent stake in the company in 2023.
That 2023 transaction implied a valuation for HIP of over €4 billion. The reported €6-7 billion IPO target represents a significant markup from that figure, following HIP's revenue and earnings performance. Blackstone and GIC have invested more than $900 million into upmarket repositioning of the portfolio since 2017.
The IPO is being orchestrated by a heavyweight banking syndicate. Key advisors include Goldman Sachs, BNP Paribas, Santander, Citi, and Morgan Stanley. Neither Blackstone nor HIP has issued an official public statement regarding the reported plans. It is unclear what Blackstone's and GIC's ownership stakes will look like after the IPO, or if they plan to sell down further.
