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Blackstone closes on east coast hotel portfolio for $186M

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December 30, 2013

Blackstone closes on east coast hotel portfolio for $186M

Courtyard by Marriott in Ewing, N.J.Blackstone Real Estate Advisors, L.P., has closed on a 15-property select-service hotel portfolio in seven East Coast and Mid-Atlantic states after securing $186 million in acquisition financing.

At least 12 of the properties are part of the Hersha Hospitality Trust portfolio sale that was announced in September and was to include 16 hotels for a total of $217 million. Hersha said in a news release that the sale of the 12 non-core hotels generated gross proceeds of approximately $158.6 million. Information on the remaining four hotels of the Hersha portfolio could not be obtained at press time.

A spokesperson for Jones Lang LaSalle, which arranged the acquisition financing obtained from Deutsche Bank, said the other seller was SREE Hotels, a hotel development and management company from Charlotte, N.C.. SREE Hotels management could not reached for more information on the sale.

The 15-hotel portfolio acquired by Blackstone, the private equity firm that is the largest U.S. owner of hotel properties, features 1,642 keys in hotels in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware. Brands include Courtyard by Marriott, Residence Inn, SpringHill Suites, TownePlace Suites, Hampton Inn and Holiday Inn Express.

In addition to strong brand affiliations, the hotels all have superior management and amenities including fitness centers, meeting space facilities, swimming pools and business centers, according to Jones Lang LaSalle.

?The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million as well as their global brand recognition. In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio?s performance going forward,? Matthew Comfort, managing director of Jones Lang LaSalle?s Hotels and Hospitality Group, said in a news release.

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Source Commercial Property Executive,

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