Blackstone Group Acquires 415-room Sofitel Chicago; Accor to Retain Management

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. November 19, 2012

November 19, 2012 - Blackstone Group adds a new property to its collection of 185,000 rooms in the United States with the acquisition of the Sofitel Chicago Water Tower and its 415 rooms.

The group has entered into an agreement with the former owners of the establishment, who were facing a mortgage delinquencies and who preferred to make a voluntary assignment rather than suffer a seizure. Blackstone had bought part of the debt facility for $85 million earlier this year.

GEM Realty Capital Inc.., Goldman Sachs Group and Accor SA had gathered to buy the establishment in 2006 for a total of $ 105 million, before putting in mortgage for $ 160 million in 2007.

Management facility will remain in the hands of Accor, under the Sofitel brand.

Accor, the world's leading hotel operator and market leader in Europe, is present in 92 countries with more than 4,400 hotels and 530,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis Styles, Etap Hotel/Formule 1/ibis budget, hotelF1 and Motel 6 - provide an extensive offer from luxury to budget. With more than 180,000 employees* in Accor brand hotels worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

*Including 145,000 in owned, leased and managed hotels

About The Blackstone Group:
Blackstone (NYSE: BX) is one of the world's leading investment and advisory firms. Blackstone seeks to create positive economic impact and long-term value for its investors, the companies it invests in, the companies it advises and the broader global economy. The firm accomplishes this through the commitment of its extraordinary people and flexible capital. Blackstone's alternative asset management businesses include the management of private equity funds, real estate funds, funds of hedge funds, credit-oriented funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.