Reginal Thomas
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BlackStone Buying Strategic Hotels & Resorts for $6 billion.

Blackstone Group LP will acquire Strategic Hotels & Resorts, a real estate investment trust, for $6 billion. Strategic Hotels owns properties such as the Four Seasons Washington D.C., The Westin St. Francis on Union Square to name a couple.

The firm’s shares toched $14.10 just below the $14.25 per share Blackstone is offering.

Ryan Meliker, an analyst for Canaccord Genuity Inc, said; “There are buyers who are looking for more than just more than what Blackstone paid for the whole portfolio.”

Blackstone has been on a real estate shopping spree, buying single family homes in the United States, and distressed commercial real estate in Europe.