A year ago, Blackstone Group LP's real-estate group was peeling egg off its face.
Real-estate chief Jonathan Gray, once toasted as a member of Vanity Fair's "New Establishment," also seemed to have established the firm's most embarrassing deal. Blackstone's record $6 billion investment in the buyout of hotel chain Hilton Worldwide had lost 70% of its value.
How things have changed.
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