Blackstone Group LP took ownership of 14 hotels it sold to Columbia Sussex Corp. five years ago after buying junior debt on the properties and seizing control, a person with direct knowledge of the transaction said.
Thirteen of the hotels will be managed by Interstate Hotels & Resorts Inc., according to a statement yesterday by Arlington, Virginia-based Interstate. They include properties under the Westin, Sheraton and Hilton brands.
Blackstone is betting that hotel real estate will recover after the credit crisis depressed values. The New York-based firm was part of a group that this year won a bankruptcy auction for hotel chain Extended Stay Inc., which it sold in 2007 to investors led by David Lichtenstein’s Lightstone Group LLC.
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