Blackstone is preparing the filing to submit to the Comisión Nacional del Mercado de Valores (CNMV), Spain’s stock market regulator, ahead of the planned initial public offering of Hotel Investment Partners (HIP), its Barcelona-based hotel investment platform. According to the Spanish business newspaper Cinco Días, citing sources close to the matter, the US investment fund is said to be targeting a filing by early October 2026, with the listing itself expected in late October or early November.
The deal would mark the culmination of an exit process that has been under way for several months. LTH reported in April that Blackstone and co-shareholder GIC had pivoted towards a stock market listing, after talks with potential buyers over a direct sale had failed to progress.
A structure combining a share sale and a capital increase
According to Cinco Días, the deal would include a partial sale of shares by existing shareholders, together with a €700 million capital increase at the time of listing. Blackstone, which holds around 65% of HIP’s share capital, is reported to be considering selling part of its stake as part of the transaction.
The remainder of the capital is held by GIC, Singapore’s sovereign wealth fund, which joined the shareholder base in 2023. Neither HIP nor GIC immediately responded to Cinco Días’ requests for comment. Blackstone, for its part, declined to comment on the deal.
A substantial southern European hotel portfolio
HIP holds a portfolio of 61 hotels totalling around 20,000 rooms, spread across Spain, Greece, Italy and Portugal. Cinco Días values this portfolio at around €6 billion. The platform, which acquires, renovates and repositions hotel assets before handing them over to operators, has been built up through a growth strategy under way since Blackstone’s initial acquisition from Banco Sabadell.
🔗 Read more on LTH – Blackstone sells 35% of its stake in Hotel Investment Partners
A top-tier banking syndicate
The deal is expected to be supported by a group of leading investment banks, including Santander, Morgan Stanley, Citi, BNP Paribas and Goldman Sachs, according to information reported by Cinco Días.
This IPO would form part of a broader resurgence of interest from Blackstone in the hotel asset class, with the fund having also recently strengthened its financing capacity dedicated to commercial real estate and hospitality.
At a glance by The Hospitality Tribune
Blackstone prepares Spanish IPO for hotel platform HIP
Filing with Spain’s CNMV regulator targeted for early October 2026, with listing expected late October or early November.
Portfolio – 61 hotels, approximately 20,000 rooms across Spain, Greece, Italy and Portugal, valued at around €6 billion.
Deal structure – partial share sale by existing shareholders plus a €700 million capital increase.
Shareholders – Blackstone (~65%), Singapore’s GIC holding the remainder.
Banking syndicate – Santander, Morgan Stanley, Citi, BNP Paribas and Goldman Sachs reportedly involved.
Blackstone declined to comment; HIP and GIC did not immediately respond.
