Blackstone (BX) is preparing to list hotel group Hotel Investment Partners, or HIP, in Spain, CincoDias reported Wednesday, citing people familiar with the matter.

The firm is finalizing paperwork for submission to Spain's securities regulator by late September or early October, aiming for a public debut by late October or early November, according to the report.

HIP owns a portfolio of 61 hotels comprising about 20,000 rooms across Spain, Portugal, Italy and Greece, with the properties valued at about 6 billion euros ($6.95 billion), CincoDias reported.

Blackstone, which owns a 65% stake in HIP, plans to raise about $700 million through a capital increase as part of the IPO, while also conducting a smaller secondary share sale, the report said.

Blackstone did not immediately respond to MT Newswires' request for comment.

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