Blackstone Group LP bought the junior debt on 14 hotels owned by Columbia Sussex Corp. and may seize the properties from the company, according to two people with knowledge of the matter.
A $539 million mortgage on the real estate that comes due this month was turned over to a firm specializing in troubled commercial property loans due to imminent default, Fitch Ratings said in June. Blackstone has purchased portions of mezzanine debt tied to the mortgage that may allow it to take control of the hotels as soon as this month, said the people, who asked not to be identified because the talks are private.
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