News
Blackstone Considers $1.3B in Hotel Acquisitions
Blackstone has reportedly agreed to buy three hotels—the JW Marriott and Ritz Carlton in Orlando and the JW Marriott in Scottsdale—for roughly $1.3B, a source told Bloomberg. The seller is Paulson & Co. Representatives for Blackstone and Paulson declined to comment on the transaction. Together, the properties boast 2.5K rooms over nearly 500K SF. Paulson took over the lodgings from Morgan Stanley in 2011 after the bank defaulted on debt. Private equity powerhouse Blackstone has become a constant generator of hotel deal headlines. In December, word spread that Hilton Worldwide was in talks with the company to acquire four of its hotels, three of which were in Florida. [Bloomberg]
