Blackstone Closes on East Coast Hotel Portfolio for $186M

Source:  CPE

Blackstone Real Estate Advisors, L.P., has closed on a 15-property select service hotel portfolio in seven East Coast and Mid-Atlantic states after securing $186 million in acquisition financing. At least 12 of the properties are part of the Hersha Hospitality Trust portfolio sale that was announced in September and was to include 16 hotels for a total of $217 million. Hersha said in a news release that the sale of the 12 non-core hotels generated gross proceeds of approximately $158.6 ...

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