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Attention European hotel owners: The Blackstone Group is on the prowl. The real estate investment giant said it has closed its latest fund, Blackstone Real Estate Partners Europe III, with total equity capital commitments of more than $4.3 billion. Blackstone said the fund will target property investments throughout Europe.
This new fund "is well positioned to take advantage of the inevitable recapitalization of the property sector," said Chad Pike, senior managing director and co-head of Blackstone Real Estate said. "Given the continued deterioration in the global economy and the lagging nature of the real estate market, we will remain disciplined and cautious in deploying this capital over the coming years."
Blackstone Group and its affiliates have been major players in the hotel industry for more than two decades. Among the big-name investments that passed through its portfolios: the $26 billion deal for Hilton Hotels Corp. in 2007; Meristar Hospitality ($2.6 billion in 2006); LaQuinta ($3.4 billion) and Wyndham International ($3.2 billion) both in 2005; Extended Stay Hotels ($3.4 billion) and Boca Resorts ($1.25 billion both in 2004, Savoy Group ($998 million in 1998)