Blackstone Said to Plan Sale of Deutsche Interhotel to Creditors
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Blackstone Group LP plans to sell its Deutsche Interhotel Holding GmbH chain to creditors in a deal valued at about 600 million euros ($800 million), a person with knowledge of the matter said.
Brookfield Asset Management Inc., Starwood Capital Group LLC and iStar Financial Inc., which hold debt used to finance Blackstone’s 2007 purchase of the assets, plan to acquire the 10 German hotels in a debt-for-equity swap, said the person, who asked not to be identified because the deal is private. Blackstone, based in New York, stopped making payments on the debt after the hotels lost value, the person said.