Blackstone intends to purchase significant hotel properties in India

The Chennai Hilton and a half-finished Marriott close to Bengaluru airport are among the assets that global asset management Blackstone is allegedly interested in purchasing in India’s hotel industry. Industry insiders estimate that each transaction will cost between Rs 300 and Rs 400 crore. Ventive hotel, a joint venture with Panchshil Group, has filed for an initial public offering (IPO) to generate Rs 2000 crore as part of Blackstone’s ongoing expansion into the hotel industry. At the moment, Ventive Hospitality oversees 11 hotels run by well-known companies including Marriott, Hilton, Minor and Atmosphere. Although the transactions would take some time to complete, sources claim that these possible purchases will enhance Blackstone’s current portfolio.