Blackstone Secures $186 Million for U.S. Hotel Portfolio

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Blackstone Real Estate Advisors has secured $186 million in financing for a 15-property select-service east coast hotel portfolio, according to Jones Lang LaSalle.

Deutsche Bank provided the five year, floating-rate loan.

The portfolio includes 1,642 rooms located in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware.

The hotels feature strong brand affiliations, and amenities including fitness centers, meeting space facilities, swimming pools and business centers.

"The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million as well as their global brand recognition. In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio's performance going forward," Matthew Comfort, JLL managing director, said.