What's in Store for Blackstone's Hotels?

Abrams, Sandra Lea
December 2005
Investment Dealers' Digest;12/5/2005, Vol. 71 Issue 46, p22
Trade Publication
The article reports that private equity firm Blackstone Group Inc. is aggressively acquiring hotel properties to fine-tune its hotel portfolio, which it plans to spin off in an initial public offering in the year 2006. Blackstone has divided its hotel holdings into two categories. The first category is the limited-service hotel properties and the second category is the LXR Luxury Resorts. Many top hoteliers have been dumping properties to become asset light as they focuses on the management side. Private equity firms are using this as an opportunity to be involved with an asset that has a built in management entity. Fairmont Hotels & Resorts and InterContinental Hotels Group are reportedly being considered for acquisition. The hotel industry has recovered sharply from the terrorist attacks of 9/11. Hotel mergers and acquisition activity has made a huge comeback. One hundred and seventy four merger and acquisition deals worth $21.4 billion in the U.S. hotel/lodging sector have been announced.


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