Blackstone Group has started a process to either sell or launch an initial public stock offering for UK resort operator Center Parcs, according to people familiar with the matter.

Center Parcs, which buyout firm Blackstone has owned since 2006, could be valued at up to £2.5 billion ($3.75 billion) in an IPO or sale, said some of the people. It could raise as much as £750 million in a potential IPO, they added. The process is still early, cautioned one person, and so valuations could change.