7 months ago
Blackstone Acquires 50% Stake in Taj Aravali
Blackstone Group, a big company that manages investments, bought half of a fancy hotel in Udaipur, India, called Taj Aravali Resort & Spa.
They paid between $100 and $110 million for this half.
The hotel is currently run by another company called IHCL.
The hotel is going to get bigger and fancier, with more rooms and suites.
Blackstone is also looking to buy parts of other hotels in India.
Many investors are interested in hotels in India because more people are traveling, and hotels are making good money.
The hotel industry in India is growing fast, with more rooms being added every year.
Blackstone Group acquired a 50% stake in Taj Aravali Resort & Spa in Udaipur for $100-110 million.
The stake was bought from Mumbai-based realty firm Ishaan Group.
The hotel is currently operated by Indian Hotels Co. Ltd (IHCL) under a management contract.
The property will be upgraded and rebranded as Taj Exotica Resort & Spa Aravali, adding 75 new rooms.
Blackstone is rebuilding its hospitality portfolio and exploring more acquisition opportunities in India.
- Who
- Blackstone Group, Ishaan Group, Indian Hotels Co. Ltd (IHCL)
- What
- Acquisition of 50% stake in Taj Aravali Resort & Spa
- Where
- Udaipur, India
- When
- Transaction closed at the end of December 2024
- Why
- Udaipur's emergence as a luxury tourist and high-profile wedding destination, and Blackstone's strategy to rebuild its hospitality portfolio
Key facts
- Acquirer
- Blackstone Group
- Property
- Taj Aravali Resort & Spa, Udaipur
- Stake Acquired
- 50%
- Purchase Price
- $100-110 million
- Seller
- Ishaan Group
- Current Operator
- Indian Hotels Co. Ltd (IHCL)
- New Name
- Taj Exotica Resort & Spa Aravali
- Additional Rooms
- 75
Quotes
Anonymous Source 1
One of the two people familiar with the deal
“Udaipur has seen rapid emergence as a luxury tourist and high-profile wedding destination. The Taj Aravali hotel is adding another 75 keys to it. The property will be upgraded to Taj Exotica Resort & Spa Aravali. The new rooms would be larger, more in the suite category”
livemint.com
“Post that, Blackstone is rebuilding its hospitality portfolio and eyeing new acquisition opportunities across cities”
livemint.com
Gaurav Sharma
Head of hotels & hospitality group, India, JLL, and senior director, hotel capital markets, Asia, JLL, a property advisory
“In 2025, the country’s hotel industry experienced robust growth driven by surging domestic tourism, government policy reforms, and aggressive supply expansion, though tempered by some inbound challenges and disruptions. More than 32,500 rooms were signed by September, with 70% targeting Tier II/III cities, boosting regional occupancy to new highs”
livemint.com
