Blackstone buys hotel portfolio for $1.3b
The Blackstone Group is under contract to purchase a three-property portfolio from Paulson & Co., Winthrop Realty Trust, and Blackstone Mortgage Trust. The sales price is rumored to be $1.3 billion, according to Real Capital Analytics.
The portfolio includes three hotels located in Phoenix and Orlando. The highest priced hotel was the 950-room JW Marriott Desert Ridge Resort & Spa in Phoenix, selling for $559.5 million. The largest hotel was the 998-room JW Marriott Grande Lakes in Orlando, selling for $467.1 million. The third hotel was the 584-room Ritz-Carlton Grande Lakes in Orlando with sales price of $273.4 million.
The acquisition follows Blackstone’s purchase of a stake in a nine-property Manhattan portfolio from RXR Realty. The State of Wisconsin Investment Board and the Virginia Retirement System are tw