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Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, is preparing to file for an initial public offering (IPO) to raise ₹2,500 crore. The company owns a range of luxury hotels across India, the Maldives, and Sri Lanka. Investment bankers JM Financial and Kotak Mahindra Capital have been appointed to manage the IPO process.
Sources familiar with the matter indicate that Ventive Hospitality, a JV between the world’s largest private equity firm Blackstone Group and Pune-based Panchshil Realty, aims to submit a draft prospectus for the IPO in the next few weeks. The company could potentially become the largest international multi-brand hotel owner in India by EBITDA and plans to raise the funds through a fresh share issue.
Ventive Hospitality's portfolio consists of luxury hotel assets, with nine properties located in India, three in the Maldives, and one in Sri Lanka. Additionally, it includes five office parks and retail spaces totaling around 3.5 million square feet, which are connected to the hotels. The company is expected to bring in a few more bankers before finalizing the filing. Emails seeking comments from Blackstone, Panchshil, JM Financial, and Kotak Mahindra went unanswered.
In the last fiscal year, Ventive Hospitality reportedly achieved an EBITDA of around ₹875 crore, up from ₹771 crore the previous year, positioning it as a larger player than Chalet Hotels. The company has a portfolio of about 2,400 hotel keys, including approximately 400 under development. In India, six of its hotels are situated in Pune, two in Bengaluru, and one in Varanasi.
Chalet Hotels, owned by real estate developer K Raheja Corp, launched its IPO in 2019. Currently, Chalet Hotels operates 10 fully functional hotels with 3,052 keys, including prominent properties such as JW Marriott Mumbai Sahar and The Westin Mumbai Powai Lake. For the last fiscal year, Chalet reported a 20% increase in EBITDA to ₹604 crore and a 52% rise in profit after tax to ₹278 crore.
Among Ventive Hospitality's luxury properties, the JW Marriott and The Ritz-Carlton in Pune, along with Conrad and Anantara in the Maldives, have accounted for over 80% of its revenue over the past three fiscal years. This IPO would mark Blackstone's first venture into the real estate segment in India. Previously, the private equity giant, along with its partners, launched three real estate investment trusts (REITs): Embassy Office Parks, Mindspace Business Parks, and Nexus Select Trust.
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