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13

Blackstone Closes on Strategic Hotels

By Tony Seruga

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The Ritz-Carlton in Languna Niguel, CA is one of 17 luxury properties operated by Strategic Hotels.

NEW YORK CITY—The Blackstone Group has completed its $6-billion acquisition of Chicago-based Strategic Hotels & Resorts Inc., part of a series of privatizations the REITsector has seen in 2015. The acquisition throughBlackstone Real Estate Partners VIII LP, which closed Friday ahead of an originally projected first-quarter 2016 completion, is also the latest in a long line of lodging industry investments by Blackstone, as well as one of a number of large-scale transactions in the sector during the past year.

GlobeSt.com first reported on the deal this past September, three weeks after Strategic Hotels announced that it was exploring a possible sale. Blackstone is acquiring all outstanding shares of common stock of the hotel REIT for $14.25 per share in cash, and all of the outstanding membership units of its Strategic Hotels Funding LLC subsidiary for $14.25 per unit in cash. Strategic Hotels’ common shares, which traded under the BEE symbol, have ceased trading on the New York Stock Exchange…

Blackstone Closes on Strategic Hotels

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