Image via WikipediaBlackstone Group LP is in and Kohlberg Kravis Roberts & Co. is out as part of a recapitalization of the Hotel Del Coronado that establishes the historic beachfront hotel’s value at 20% less than it was during the boom.The complex deal, which we first reported Jan. 28 and the owners formally outlined Monday, resolves the Del Coronado’s pressing matter of $630 million in debt that was to come due next week. As part of the deal, Blackstone has gained a 60% stake in the 787-room California property by contributing $100 million and converting into equity a small slice of the hotel’s mezzanine debt that it recently bought at a discount.
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