Blackstone to List 'Hotel Investment Partners' at a Valuation of Up to 7 Billion Euros
Blackstone and GIC target a valuation between 6 and 7 billion euros for the stock market listing of 'Hotel Investment Partners', compared to 4 billion when GIC entered in 2023.
Hotel Investment Partners, owned by Blackstone and Singapore's sovereign wealth fund GIC, is targeting a valuation ranging between 6 and 7 billion euros in its upcoming initial public offering.
This valuation is up from slightly over 4 billion euros when GIC entered in 2023, with a plan for a capital increase of around 700 million euros allocated primarily for acquisitions and refurbishments.
The company's portfolio includes 61 hotels with approximately 20,000 rooms spread across Spain, Italy, Greece, and Portugal, with 78% located on waterfronts.
Following the offering, Blackstone will continue to hold a 65% stake while GIC holds the remaining 35%, in a deal reflecting the continued appetite of sovereign funds for European hotel assets.
What do these terms mean?
Initial Public Offering (IPO): A process in which a company sells its shares to the public for the first time and lists them on a stock exchange, thereby entering the capital market.
Valuation: The estimated market value of a company, calculated by comparing its earnings, assets, and growth to similar companies.
Capital Increase: A company raising its financial resources by issuing new shares or bringing in additional funds to finance expansion or debt repayment.
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