New Delhi, Jan. 9 -- 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...