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CIM Group, Blackstone Target Distressed Hotels

NEW YORK CITY-CIM Group, along with Harry Macklowe, and Blackstone Group, are going after distressed hospitality assets in two separate deals, the Journal reports.

By Ian Ritter | Updated on January 06, 2010

NEW YORK CITY-Private-equity giants CIM Group and Blackstone Group are making plays for distressed-hotel assets in two separate deals. The moves are a sign that commercial real estate transactions could be coming back to life, according to a Wall Street Journal article.

In the case of CIM, it is teaming up with developer Harry Macklowe to purchase the site of the old Drake Hotel in Midtown, at 56th Street and Madison Avenue. Macklowe formerly owned the site before lenders seized the site. Now CIM and Macklowe will pay creditors the $510 million loan the latter used to acquire the site, the Journal says.

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