After pursuing initial public offerings for La Quinta and Hilton Worldwide, Blackstone may be continuing on this asset disposal path with the possible sale or initial public offering of Center Parcs, according to the Financial Times. This resorts business may be valued at more than 2 billion pounds, and several private equity groups and trade buyers have expressed interest in it. Blackstone would seek a valuation of about 11 times prospective earnings before interest, tax, and depreciation.Blackstone's Center Parcs portfolio currently includes four UK resorts. Blackstone acquired the operating and property businesses through several deals in 2006 for 1.1 billion pounds. A fifth UK location is expected to join the portfolio next year; Blackstone is thus reluctant to dispose of the portfolio before then. Center Parcs is also present on continental Europe, in France, Germany, and the Netherlands, but under different ownership. The Center Parcs concept was set up in the 1960s by a Dutch entrepreneur to create "villas in the forest" for families.
