Blackstone Takes Over 13 Hotels After Sale Process Fails
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Blackstone Group LP took control of 13 hotels from Eagle Hospitality Properties Trust Inc. after the lodging company failed to find buyers for the portfolio and pay off debt held by the private-equity firm.
Eagle was unable to sell the properties at a price that would enable it to repay the debt, the company said in a statement today. An affiliate of Blackstone Real Estate Partners VII took ownership of substantially all of Eagle’s assets after yesterday’s deadline for a sale.