Ventive Hospitality, a joint venture between Blackstone Group and Pune-based Panchshil Realty, plans to file a draft prospectus for an initial public offering (IPO) in the next few weeks, according to sources.
The joint venture, which could become India’s largest international multi-brand hotel owner by EBITDA, aims to raise around INR 2,500 crore through a fresh issue of shares.
Ventive Hospitality owns luxury hospitality assets, including nine in India, three in the Maldives, and one in Sri Lanka. The company also manages five office parks and retail spaces connected to these hotels, totaling around 3.5 million sq ft.
The company has appointed JM Financial and Kotak Mahindra Capital to manage the IPO. It may also hire additional bankers before the filing, sources said.
Blackstone, Panchshil, JM Financial, and Kotak Mahindra did not immediately respond to requests for comment.
Ventive Hospitality reportedly posted an EBITDA of around INR 875 crore last year, up from INR 771 crore the previous year, surpassing Chalet Hotels. The company has a portfolio of around 2,400 keys, with about 400 under development. Six of its Indian hotel properties are in Pune, two in Bengaluru, and one in Varanasi.
2019 Chalet Hotels, owned by real estate developer K Raheja Corp, launched an IPO. Chalet Hotels currently operates 10 hotels with 3,052 keys, including JW Marriott Mumbai Sahar and The Westin Mumbai Powai Lake. Last fiscal year, it reported a 20 percent rise in EBITDA to INR 604 crore and a 52 percent increase in profit after tax to INR 278 crore.
Ventive Hospitality’s luxury assets, including JW Marriott and The Ritz-Carlton in Pune and Conrad and Anantara in the Maldives, contributed over 80 percent to its revenue in the last three fiscal years.
This IPO would mark Blackstone’s first in India’s real estate segment. Previously, Blackstone and its partners launched three real estate investment trusts (REITs): Embassy Office Parks, Mindspace Business Parks, and Nexus Select Trust.
