Blackstone Group LP is close to a deal with the owners of the historic Hotel Del Coronado near San Diego to restructure the beachfront hotel's $630 million of debt and become a major owner of the property, according to people familiar with the matter.
Under the terms of the pending deal, Blackstone and existing owners Strategic Hotels & Resorts Inc., Kohlberg Kravis Roberts & Co. and KSL Resorts will contribute enough capital to chop the hotel's debt load to $425 million from $630 million, these people said.
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