July 4, 2009 |
Blackstone Group, the buyout firm that owns Hilton Hotels Corp., sold a golf resort near Carmel to an investment firm led by John Pritzker for $20 million. Pritzker, the founding partner of San Francisco-based Geolo Capital and son of the late billionaire Hyatt Hotels founder Jay Pritzker, said his company would spend about $25 million to upgrade Carmel Valley Ranch during the next 18 to 24 months. The resort is spread over 400 acres, and Pritzker's plans include room renovations and a spa.
May 22, 2012 |
Motel 6 and Studio 6, the no-frills budget hotel chains that once offered rooms for $6 a night, are being sold by French parent Accor for $1.9 billion. Their new owner, an affiliate of private equity firm Blackstone Group, already owns Hilton Worldwide. Blackstone's Real Estate Partners VII fund said it plans to "accelerate the expansion of the franchise base" for Motel 6 and Studio 6. Accor said it will use proceeds from the sale to slash its debt and grow its luxury Sofitel and Novotel hotels in expanding markets such as Asia, Latin America and Europe.
April 18, 2013 |
You know Los Angeles has become a tough real estate market when it's hard for even Jon Gray to find a bargain. “It's become harder, because the pricing has moved up,” said Gray, the global head of real estate for private equity firm Blackstone Group. “L.A. is probably the toughest market.” As chief of one of the world's largest real estate investment funds, with $60 billion in assets, Gray is the walking embodiment of the term “smart money.” To put it succinctly, he is “the man with the bank account,” which was how Mayor Antonio Villaraigosa introduced him Thursday at a chummy ceremony in downtown's Arts District.
March 29, 2014 |
This time last year, investment firms raced to buy dozens of single-family homes in neighborhoods from Fontana to South Los Angeles to lease them out, transforming the mom-and-pop rental business into a Wall Street juggernaut. The flood of cash helped spark a steep rise in prices, drawing criticism for pushing families out of the market. But now the firms themselves have all but stopped buying in Southern California, the latest evidence that home prices have hit a ceiling. The professional investors no longer see bargains here.
May 12, 1989
Wall Street Firms Look at Thrifts: Three powerful Wall Street companies--Salomon Inc., Blackstone Group and Old Stone Corp.--announced the formation of a partnership for the purpose of acquiring insolvent financial institutions. The three companies said their affiliates hope to raise between $300 million and $600 million to take over and operate some of the troubled institutions crippled by the nation's thrift industry crisis.
October 25, 2007 |
Hilton Hotels Corp., the second-largest U.S. hotel chain, said its $20-billion sale to Blackstone Group was completed. Hilton's shares stopped trading on the New York Stock Exchange after the market closed, the companies said. The sale, for $26 billion including debt, is a record for the hotel industry. Shares of Beverly Hills-based Hilton rose 8 cents to $47.48.