Blackstone Has Reportedly Purchased European Hotel Group
NEW YORK, NY, March 17, 2006. Blackstone continues on its hotel buying spree, with its latest deal coming in Europe. According to the published reports, the New York private equity firm bought Hospitality Europe for $790 million.
According to the reports, "it is understood" that the deal involves a portfolio of eight properties in Europe, most of them at airports, and it could be announced officially shortly.
The seller in the deal is U.S. investment management group Jones Lang LaSalle Inc. on behalf of investors that included the Singaporean government and a Qatari consortium.
The hotels sold are believed to include four Sheratons at Frankfurt Airport, Schiphol airport in Amsterdam, Brussels airport and Stockholm; as well as the Pulitzer hotel in Amsterdam.
A Hyatt in Paris and two other hotels in Prague and Brussels were also in the portfolio.
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