Blackstone cashes out through Motel 6 CMBS
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New York
WHEN the final slug of a US$1.8 billion Motel 6 mortgage bond deal sold last Thursday, the Blackstone Group took its US$626 million equity in the low-cost lodging chain off the table.
Some take a dim view of such large cashouts, particularly on far- flung properties still recovering from the real estate crash. But with bond investors increasingly willing to finance big-name real estate operators at low costs, the lure of a cashout can be hard to resist.
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