Tags: Blackstone | Deal | Buy | Hotels

Blackstone Said Near Deal to Buy 47 US Hotels for $800 Million

Wednesday, 18 Jun 2014 02:10 PM

Blackstone Group LP is close to an agreement to buy a group of select-service hotels from Clarion Partners LLC for about $800 million, according to a person with knowledge of the deal.

The agreement would be for 47 extended-stay Residence Inn and Homewood Suites hotels, with a majority located in the top 25 U.S. markets, said the person, who asked not to be identified because the deal hasn’t been completed.

Blackstone, the world’s largest alternative-asset firm, has been buying select-service hotels — properties with limited food and beverage and other services — amid a recovery in the U.S. lodging industry.

In September, an affiliate of the New York-based company agreed to buy 16 hotels, including Hampton Inn and Holiday Inn Express properties, from Hersha Hospitality Trust for $217 million. A $1.3 billion deal for hotel owner Apple REIT Six Inc. was completed last May, and in 2012 Blackstone bought the Motel 6 and Studio 6 budget chains for $1.9 billion.

Peter Rose, a Blackstone spokesman, and Paula Schaefer, a spokeswoman at New York-based Clarion Partners, didn’t immediately return telephone calls seeking comment on the talks.

Real Estate Alert reported the agreement earlier Wednesday.

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Blackstone Group LP is close to an agreement to buy a group of select-service hotels from Clarion Partners LLC for about $800 million, according to a person with knowledge of the deal.
Blackstone, Deal, Buy, Hotels
191
2014-10-18
Wednesday, 18 Jun 2014 02:10 PM
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