Blackstone Planning $1.1B European Hotel Sale
Blackstone is selling hotels (again). This time it’s going to be $1.1B worth of hotels in Europe, all operated under Hilton Worldwide Holdings’ DoubleTree brand.
European hotel owners are selling out to investors—who are looking to profit from increased travel in the region. Hotel deals hit a record $25.6B in 2015, up 79% from the year before, Bloomberg reports.
Blackstone (CEO Steve Schwarzman, pictured) has been on a selling spree itself, unloading Strategic Hotels & Resorts to Anbang Insurance in a $6.5B blockbuster deal—netting the world’s largest alternative asset manager $450M just three months after it bought the portfolio.
The deal marked the largest US real estate purchase by a buyer from mainland China, and came just a year after Blackstone’s $1.95B sale of the Waldorf Astoria hotel. [Bloomberg]
