metamorworks/iStock via Getty Images
Blackstone (NYSE:BX) agreed to sell the Arizona Biltmore luxury hotel to London-based private equity real estate manager Henderson Park for $705M, Bloomberg reported, citing people familiar with the matter.
Almost six years ago, Blackstone (BX) acquired the property for roughly $400M from Singaporean sovereign wealth fund GIC, Bloomberg noted. Since then, Blackstone spent over $150M on property renovations.
The deal comes as international demand is benefiting resort owners, the article said, all while post-pandemic domestic leisure travel has cooled slightly.
Last week, Blackstone (BX) agreed to take Canadian real estate company Tricon Residential (TCN) private in a $3.5B deal.
More on Blackstone
- Blackstone's Winning Formula: Blending Growth With Stability For Investors
- Blackstone: The Easy Money Has Been Made (Rating Downgrade)
- Why I Am Downgrading Blackstone Stock From Buy To Sell
- Blackstone funds take minority stake in Salas O'Brien
- Earnings week ahead: Tesla, Netflix, AT&T, Johnson & Johnson, GE and more