LAS VEGAS—Blackstone said Tuesday that funds managed by Blackstone Real Estate Partners and Blackstone Tactical Opportunities had completed their acquisition of showroom owner/operator International Market Centers Inc. in partnership with Fireside Investments. The purchase price was not disclosed; however, the 2011 creation of IMC from the merger of two competing operators represented a $1-billion investment by owners Bain Capital Partners and Oaktree Capital Management, and a 2016 CMBS issue to refinance the company's debt valued the real estate at about $1.5 billion, according to published reports.

“Blackstone will leverage its significant resources to ensure IMC's ongoing leadership position as the industries it serves continue to grow and evolve,” says Tyler Henritze, a senior managing director in Blackstone's $104-billion real estate group. IMC CEO Robert Maricich, who'd served in the same capacity at World Market Center, one of IMC's predecessors, says he and his team “look forward to working closely with our new partner, Blackstone, during our next phase of growth. Blackstone is a firm with a strong track record of enabling transformational change and shares our long-term vision for the business.”

In a joint statement, Bain managing directors Ryan Cotton and Phil Loughlin and Oaktree managing director Kaj Vazales says they're “extremely proud to leave behind a strong, stable and well-capitalized platform comprised of world-class exhibition space assets that attracts buyers and exhibitors from around the world and delivers an efficient and rewarding market experience. We are confident that the business is well positioned for its next phase of growth, happy that it continues in safe hands and deeply appreciative of the management team who led us on this journey and will continue to steward the business through its continuing success.”