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Blackstone sells US$207.8m hotel portfolio
By Luke Tuchscherer
Blackstone Group, the US private equity house, has sold four American hotels to a US/Irish consortium for US$207.8m (140.8m euro, £101m).
Interstate Hotels & Resorts, which is based in Arlington, Virginia, signed a joint venture agreement with Harte Holdings of Cork, Ireland to buy the four properties, located in Frazer, Pennsylvania; Mahwah, New Jersey; Washington DC and Lafayette, Louisiana.
Interstate will manage all four hotels under new management agreements.
Interstate said that the consortium would invest more than US$30m of additional funds for renovations in the two years following the deal. The company also said that it and Harte Holdings would continue to look for future acquisitions.
Blackstone Group, the US private equity house, has sold four American hotels to a US/Irish consortium for US$207.8m (140.8m euro, GBP101m).
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