Ventive Hospitality, a joint venture between the world’s largest private equity firm Blackstone Group and Pune-based Panchshil Realty, is looking at filing a draft prospectus for an initial public offering in the next couple of weeks, according to sources close to the development.
The JV, which could be the largest international multi-brand hotel owner in India by Ebitda, plans to raise around ₹2,500 crore through a fresh issue of shares.
The company has luxury hospitality assets of which nine are in India, three in the Maldives and one is in Sri Lanka. It also has five office parks and retail spaces of around 3.5 million sq ft that are attached to the hotels.
The company has appointed JM Financial and Kotak Mahindra Capital for the IPO and is likely to hire a couple of more bankers before the filing, the sources said.
Blackstone, Panchshil, JM Financial and Kotak Mahindra did not immediately respond to emails seeking a comment.
Ventive Hospitality is said to have posted Ebitda of around ₹875 crore last year, compared with ₹771 crore the previous year, which would make it larger than Chalet Hotels. It has a portfolio of around 2,400 keys of which about 400 are under development. Six of its India hotel properties are in Pune, while two are in Bengaluru and one is in Varanasi.
In 2019, Chalet Hotels, owned by real estate developer K Raheja Corp hit the market with an IPO. It currently has 10 fully operational hotels representing 3,052 keys, including JW Marriott Mumbai Sahar and The Westin Mumbai Powai Lake, according to its website. Last fiscal year, it reported a 20% rise in Ebitda to ₹604 crore and a 52% increase in profit after tax to ₹278 crore.
Of Ventive Hospitality’s luxury assets, JW Marriott and The Ritz-Carlton in Pune, and Conrad and Anantara in the Maldives contributed over 80% to its revenue in the last three fiscal years.
This would be the first IPO by Blackstone in the real estate segment In India. It had earlier, along with its partners, launched three real estate investment trusts (REITs): Embassy Office Parks, Mindspace Business Parks and Nexus Select Trust.
