Blackstone Group's newest non-traded REIT, Blackstone Real Estate Income Trust, grabbed the Hyatt Place UC Davis from a Westbrook Partners affiliate in its first acquisition.
The REIT launched in September and bought the only hotel on the campus of the University of California, Davis, for $32.2M, CoStar reports. That works out to about $253k per room.
The hotel recently posted an 83% occupancy rate and an average daily room rate of $158, and Blackstone executives said they believe the market’s strong fundamentals coupled with limited new supply coming down the pipeline position the property strongly. [CoStar]
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