Blackstone-backed Ventive Hospitality plans to double portfolio to 5,000 keys in 3-5 years

US private equity firm Blackstone Group and Pune-based real estate developer Panchshil Realty’s joint venture platform, Ventive Hospitality, is looking to double its portfolio to cross 5,000 keys over the next three to five years, said a senior executive.

The increase in portfolio size will come from adding under-construction assets, pursuing inorganic acquisitions and utilising the company’s right of first offer on specific properties, said Asheesh Mohta, senior managing director, Blackstone India.

“Once listed, we will be able to use the stock to swap for real assets, allowing us to strengthen the portfolio and diversify strategically. Additionally, listing will grant us access to broader funding opportunities on relatively favourable terms, enhancing liquidity and reducing the cost of capital. This, in turn, will enable us to accelerate our expansion plans,” Mohta told ET.


The company’s initial public offering to raise Rs 1,600 crore is set to open on Friday and close next Tuesday. The anchor book will open on Thursday. The price band for the issue is set at Rs 610-643 per equity share of face value of Re 1 each.

The hospitality asset owner focused on luxury offerings in business and leisure segments will use the funds to repay certain borrowings.

Ventive Hospitality's current portfolio comprises 11 operational hospitality assets totalling 2,036 keys in India and Maldives across the luxury, upper upscale and upscale segments as of September-end.

The luxury assets are run by global hospitality brands. The pre-acquisition luxury hospitality assets or luxury hotels that are yet to be acquired comprise JW Marriott, Pune, and the post-acquisition luxury hospitality assets are JW Marriott, Pune; The Ritz-Carlton, Pune; Conrad, Maldives; Anantara, Maldives; and Raaya by Atmosphere, Maldives.

The platform includes four stabilised grade A annuity assets, which are part of the hospitality-led integrated developments in Pune with a total leasable area of 3.4 million sq ft and committed occupancy of 95.55% as of September-end.

Ventive Hospitality Limited, formerly known as ICC Realty (India) Private Limited, was founded as the hospitality division of Panchshil Realty, a real estate conglomerate based in Pune which has a presence across the commercial, retail, luxury residential and data centre segments.

In 2017, following the acquisition of a 50% stake in the company, BRE Asia, formerly known as Xander Investment Holding XVI, an affiliate of Blackstone, became a shareholder in the company.