Joint venture out to acquire hotels.The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, and Interstate Hotels Corporation have announced the formation of a joint venture to pursue acquisitions in the lodging sector. The Blackstone/Interstate joint venture, known as Interstone, plans to invest $200 million in hotel and hotel related assets. Blackstone will serve as the managing partner of the Interstone joint venture and Interstate will manage all hotels purchased by Interstone. Interstone simultaneously announced its first acquisition: the purchase of the 391-room Greenspoint Marriott in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the from Cigna Corporation. Interstone has also executed a Letter of Intent to purchase the Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. Marriott hotel. Blackstone is a private merchant bank headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . In the past several years, Blackstone has invested $264 million of equity capital in real estate related transactions with a total combined value of $839 million. A number of these investments have been in the lodging sector, the most notable of which is the founding of Hospitality Franchise Systems, the world's largest franchisor of hotels (Days Inn, Ramada ra·ma·da n. Southwestern U.S. 1. a. An open or semienclosed shelter roofed with brush or branches, designed especially to provide shade. b. An open porch or breezeway. 2. , Howard Johnson Several prominent people have been named Howard Johnson:
Blackstone's recent real estate investment strategy has been the product of a partnership with John G. Schreiber, one of America's leading real estate investors. Schreiber, who was responsible for over $10 billion worth of real estate investments and acquisitions during his 20-year career from 1970-1990 at JMB JMB Journal of Molecular Biology JMB Jama'atul Mujahideen Bangladesh JMB Jamaatul Mujahideen Bangladesh (Islamic terrorist group) JMB Joint Matriculation Board JMB Joint Maintenance Board JMB Journal of Mathematical Behaviour Realty Corporation, noted: "Interstone provides a unique vehicle to take advantage of the attractive market for hotel acquisitions. Real estate as a whole is obviously recovering from its crash of 1989-91. But some sectors have already recovered. The bargains of the last few years are no longer there "No Longer There" is the first single to be taken from The Cat Empire's fourth album, So Many Nights. According to the email sent to the band's mailing list, the CD single will include "four unreleased tracks" and pre-ordered copies of the single will be signed by the entire band. . The challenge for the next phase of the recovery, therefore, is to invest in the sectors that have not yet been fully revalued by the market - such as lodging - and to structure investments together with partners who can provide hands-on management know-how - such as Interstate." Interstate Hotels, headquartered in Pittsburgh, is one of America's largest independent hotel management companies. It currently owns interests in 16 hotel properties and manages 84 others encompassing a total of 24,000 rooms, operating under such well-known flags as Marriott, Radisson, Hilton, Sheraton, Holiday Inn, and Embassy Suites. |
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