Signed, Sealed, Delivered: Blackstone Closes $6B Strategic Hotels Deal
Blackstone keeps racking up its hotel bill, and not at the mini-bar either.
After beating out Chinese bidders, the real estate giant closed the much-ballyhooed $6B deal for Strategic Hotels and Resorts, the Chicago-based hotel REIT, on Friday.
Blackstone also snatched up Hilton and La Quinta this decade. Its co-head of US acquisitions, Tyler Henritze, tells GlobeSt the company “remains confident in the fundamentals of the sector despite recent market volatility.”
JP Morgan was Strategic Hotel’s financial adviser for the deal, and Sidley Austin was its legal adviser. Simpson Thacher & Bartlett repped Blackstone.
Not missing a beat, Blackstone plans to raise $4B for its new real estate mezzanine debt fund, Blackstone Real Estate Debt Strategies III. The funds’ earlier incarnation got to $3.5B in 2013—so what’s another $500M? [GlobeSt]