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Brentwood School Sports Centre
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Blackstone sells US$207.8m hotel portfolio
By Luke Tuchscherer
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Heritage Great Britain
c£70,000pa + benefits + relocation support
location: Isle of Wight, United Kingdom
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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.
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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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