Blackstone REIT buys first property
Blackstone Real Estate Income Trust Inc., a nontraded REIT sponsored by The Blackstone Group, has purchased its first property, a hotel in Davis, Calif., for $32.2 million. The seller was an affiliate of Westbrook Partners.
The 127-room Hyatt Place U.C. Davis is located on the campus of the University of California, Davis. The day-to-day operational and management services will be provided by WHM, a hotel-operating platform controlled, but not owned, by a Blackstone-advised fund.
The underlying land is owned by the Regents of The University of California, the governing board of the University of California system. The ground lease expires in 2070 and includes a moratorium on further hotel development on the U.C. Davis campus through 2040. Blackstone REIT will lease the land.
Blackstone REIT launched its $4 billion offering in September 2016. And this month, Blackstone REIT