Blackstone buys Strategic Hotels and Resorts for US$6b

Washington

THE Blackstone Group said on Tuesday that it had agreed to acquire Strategic Hotels and Resorts, an owner and investor in high-end properties, for about US$6 billion, including debt.

Strategic Hotels' portfolio include the Four Seasons hotels and resorts in Silicon Valley, Washington and Jackson Hole, Wyoming; the Fairmont and Intercontinental hotels in Chicago; and the JW Marriott Essex House Hotel near Central Park in Manhattan.