Dec
13

Blackstone Closes on Strategic Hotels

By

Are you on top of CRE news? Sign up for GlobeSt.com’s National AM Alert to start each day ahead of the competition.

The Ritz-Carlton in Languna Niguel, CA is one of 17 luxury properties operated by Strategic Hotels.

NEW YORK CITY—The Blackstone Group has completed its $6-billion acquisition of Chicago-based Strategic Hotels & Resorts Inc., part of a series of privatizations the REITsector has seen in 2015. The acquisition throughBlackstone Real Estate Partners VIII LP, which closed Friday ahead of an originally projected first-quarter 2016 completion, is also the latest in a long line of lodging industry investments by Blackstone, as well as one of a number of large-scale transactions in the sector during the past year.

GlobeSt.com first reported on the deal this past September, three weeks after Strategic Hotels announced that it was exploring a possible sale. Blackstone is acquiring all outstanding shares of common stock of the hotel REIT for $14.25 per share in cash, and all of the outstanding membership units of its Strategic Hotels Funding LLC subsidiary for $14.25 per unit in cash. Strategic Hotels’ common shares, which traded under the BEE symbol, have ceased trading on the New York Stock Exchange…

Blackstone Closes on Strategic Hotels

Share
Categories : Uncategorized

Leave a Reply

You must be logged in to post a comment.