bengaluru, Jan. 10 -- Global asset manager Blackstone Group has acquired 50% stake in Udaipur's Taj Aravali Resort & Spa for $100-110 million, two people familiar with the deal said. The transaction was closed at the end of December, in which the New York-headquartered Blackstone bought the stake from Mumbai-based realty firm Ishaan Group. Currently, the Indian Hotels Co. Ltd (IHCL), a Tata group company, operates the 180-key property through a management contract. "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," one of the two people cited above said on the condition of anonymity. Currently, Maldives and Goa have Taj Exotica Resort & Spa hotel properties. Blackstone had put in six of its hotel assets into Ventive Hospitality Ltd, a hotel development and management business, in partnership with Pune-based real estate developer Panchshil Realty. Ventive Hospitality was listed on the stock exchange in December 2024. "Post that, Blackstone is rebuilding its hospitality portfolio and eyeing new acquisition opportunities across cities," said the second person. A Blackstone spokesperson declined to comment while an IHCL spokesperson didn't respond to queries. Ishaan Group could not be immediately reached. Blackstone is currently in talks to acquire a significant stake in Bengaluru's Ritz Carlton hotel from Nitesh Land. Hospitality is a relatively new real estate bet for Blackstone in India, where it operates across commercial office, retail and logistics and warehousing. India's hospitality sector, particularly the premium and luxury hotel segment, is experiencing heightened investor interest, driven by several compelling factors that position it as an attractive investment asset class. The sector's recovery trajectory post-pandemic has been robust, with strong operational metrics demonstrating resilience and growth potential. "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," said Gaurav Sharma, head of hotels & hospitality group, India, JLL, and senior director, hotel capital markets, Asia, JLL, a property advisory. Institutional investors are increasingly allocating capital to hospitality assets, attracted by the sector's ability to generate stable cash flows and benefit from India's growing domestic and international tourism market, Sharma added. For the first time, hotel chains crossed the 200,000 branded room mark in 2025, adding 14,000 rooms to India's inventory in 2024. By 2029, India is expected to add another 1,13,000 rooms to its inventory....