DALLAS—In yet another deal between the Blackstone Group and GE Capital Real Estate, the investment firm has refinanced a portfolio of 16 hotel properties located around the US. Senior managing directors Trey Morsbach and Dan Peek, along with managing director John Bourret, led the HFF team that arranged the $581-million loan for Blackstone.
GE Capital provided the three-year, floating-rate loan to the New York City-based borrower. The debt carries with it two one-year extension options.
According to HFF, this “was an exceptional opportunity to finance a first-class, institutional sponsor with premium-branded assets in strong, major markets.”
The package includes four boutique hotels—the Inns of Sanibel—along with a golf course/tennis club, the Dunes Golf and Tennis Club in Sanibel Island, FL. A dozen full-service hotels comprise the rest of the portfolio: Sheraton San Francisco Fisherman's Wharf in San Francisco; Hilton Irvine-Orange County Airport and the Marriott Irvine in Irvine, CA; DoubleTree Austin, TX; DoubleTree Suites Indianapolis-Carmel in Carmel, IN; Hilton Clearwater Beach Resort in Clearwater, FL; South Seas Island Resort in Captiva Island, FL;; DoubleTree Orlando-Universal in Orlando; Hilton Cocoa Beach Oceanfront in Cocoa Beach, FL; Hilton Key Largo Beach Resort in Key Largo, FL; the Ritz-Carlton Pentagon City in Arlington, VA; and the Marriott Princeton-Forrestal in Princeton, NJ.
This is the latest in a string of big-ticket deals between the two companies. In fact, GE Capital is among Blackstone's go-to sources when it comes to large financings. Including this deal, GE has provided more than $2 billion in debt to the private equity firm. Among them are an $800-million loan for Blackstone's $1.1-billion purchase of a 10-million-square-foot US suburban office portfolio from Duke Realty Corp.; a $125-million mezzanine loan for the firm's acquisition of the 95-property CalWest industrial portfolio; and $575 million in debt for a 16.4-million-square-foot US industrial portfolio Blackstone picked up from Dexus Property Group, which was underwritten and closed in less than 45 days.
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Sule Aygoren
Aygoren oversees the editorial direction and content for ALM’s Real Estate Media Group, including Real Estate Forum and GlobeSt.com. In her tenure with ALM, she’s held roles of increasing responsibility, including Managing Editor. Aygoren has received several awards for her coverage including Best Trade Magazine Report from the National Association of Real Estate Editors and the James D. Carper Award for Young Journalists. Under her direction, Forum has received four national NAREE awards for Best Commercial Real Estate Trade Magazine.
