Search
 

Blackstone Takes Hotel Portfolio for $367M

NEW YORK CITY-An affiliate of the Blackstone Group inks a $367-million deal to acquire a Florida-based portfolio consisting of nine hotels and a golf and tennis club. The portfolio aggregates 1,948 rooms.

By Barbara Jarvie | Updated on February 01, 2006

NEW YORK CITY-A Blackstone Group affiliate has signed a deal to acquire nine hotels and one golf and tennis club from MeriStar Hospitality for approximately $367 million. All of the properties are located in Florida. GlobeSt.com previously reported that in its second quarter 2005 earnings report, MeriStar said it planned to sell one of its seven hotels in Florida that suffered through the hurricanes that hit the state.

Because MeriStar is a public company and that the deal won’t formally close until the end of the first quarter–for the moment–locally based Blackstone is not making any comment on the deal, a company spokesperson tells GlobeSt.com. On Jan. 25, La Quinta Corp. and Blackstone closed a $3.4-billion merger. Last August, Blackstone formed a new brand, LXR Luxury Resorts, on the on the heels of the firm’s closure of its $3.24-billion merger with Wyndham International.

The properties involved in the transaction are the 579-room South Seas Island Resort on Captiva, the 426-room Hilton Clearwater Beach Resort, the 296-room Hilton Cocoa Beach Oceanfront, as well as the Dunes Golf and Tennis Club. Others in the portfolio are the 46-room Best Western Sanibel Island Beach Resort, the 96-room Sanibel Inn, the 32-room Seaside Inn, the 200-room Sheraton Beach Resort Key Largo, the 30-room Song of the Sea and the Sundial Beach Resort, which has 243 rooms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.