Blackstone Targets Acquisition of Two 5-Star Hotels in Chennai and Bengaluru.

Global asset manager Blackstone is reportedly exploring acquisitions in India's hotel sector, with the Chennai Hilton and a partially completed Marriott near Bengaluru airport among its targets. Each acquisition is estimated at around ₹300-400 crore, according to industry sources.

Blackstone has been actively investing in hospitality, underscored by its September filing for an initial public offering (IPO) through Ventive Hospitality, a joint venture with Panchshil Group, aiming to raise ₹2000 crore. Ventive Hospitality already oversees 11 properties managed by top brands like Marriott, Hilton, Minor, and Atmosphere.

Sources indicate these new acquisitions would align well with Blackstone’s existing portfolio, though the transactions may take some time to finalize.

HBL