Blackstone to buy 3 US hotel resorts for US$1.3b: source

New York

BLACKSTONE Group LP has agreed to buy three high-end US resorts for about US$1.3 billion from a group led by Paulson & Co, according to a person with knowledge of the transaction.

The properties are the JW Marriott and the Ritz-Carlton in Orlando, Florida, and the JW Marriott in Scottsdale, Arizona, said the person, who asked not to be identified because the deal isn't public.