{"id":1004129311,"date":"2015-10-13T12:53:33","date_gmt":"2015-10-13T20:53:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004129311"},"modified":"2022-12-08T08:15:06","modified_gmt":"2022-12-08T16:15:06","slug":"october-issue-blackstones-summer-blockbusters","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/october-issue-blackstones-summer-blockbusters\/","title":{"rendered":"October Issue: Blackstone\u2019s Summer Blockbusters"},"content":{"rendered":"
\"Best-U.S.-Beach-2012_high-rez\"<\/a>

Blackstone will acquire the Hotel del Coronado in San Diego as part of its nearly $6 billion purchase of Strategic Hotels & Resorts Inc.<\/p><\/div>\n

By Barbra Murray, Contributing Editor
\n<\/em>
\nAfter its busy summer of real estate dealmaking, Blackstone saved its biggest buy of the season for last: the $6 billion acquisition of Strategic Hotels & Resorts Inc.<\/p>\n

Expected to close during the first quarter of 2016, the deal for the Chicago-based REIT will add significantly to Blackstone\u2019s stable of hospitality trophies. Among the 17 luxury hotels are landmarks like JW Marriott Essex House in Midtown Manhattan and San Diego\u2019s Hotel Del Coronado. Also included in the portfolio are Four Seasons, Fairmont and Intercontinental flags in top markets.<\/p>\n

\u201cFrom a strategic perspective, this is what Blackstone does,\u201d Stephen Boyd, a REIT analyst and director of Fitch Ratings Inc.\u2019s Gaming, Leisure and Lodging Group, told Commercial Property Executive. \u201cBlackstone historically has a strong appetite for hotel companies and has done a number of privatizations in the past.\u201d
\nThe Strategic announcement came on the heels of an equally intriguing\u2014if less glamorous\u2014acquisition. On Aug. 21, Blackstone said that it would buy a majority stake in the parent company of Stearns Lending L.L.C., a 26-year-old national mortgage lender.<\/p>\n

The deal, which is scheduled to close by the end of the year, gives Blackstone an experienced, highly credentialed mortgage industry player. Earlier this year, Inside Mortgage Finance named Santa Ana, Calif.-based Stearns the nation\u2019s top wholesale lender. Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development count the firm among their approved lenders.<\/p>\n

\u201cThe rationale for a fund investment in Stearns is generally the same across all fund investments, which is to make money for limited partners, and by extension unitholders, by generating a return on that investment,\u201d said Stephen Ellis, director of equity research for Morningstar Inc.<\/p>\n

Experts gave the pending partnership favorable initial reviews. \u201cThe acquisition of an interest in Stearns is in line with Blackstone\u2019s strategy to own best-in-class operating platforms, rather than simply accumulating individual assets,\u201d said Jahn Brodwin, senior managing director with FTI Consulting. \u201cThis is a strategy that other mega-funds, pension funds and sovereign wealth funds have done as well.\u00a0Blackstone has simply done it bigger and quicker.\u201d
\nFor its part, Stearns predicted in the statement announcing the deal that teaming with Blackstone will fuel its efforts to grow market share and profits. Yet there may be more to Blackstone\u2019s strategy than meets the eye.<\/p>\n

\u201cWhat makes the Stearns investment interesting is that Blackstone also owns Invitation Homes, which is the largest single-family homeowner in the United States with more than 45,000 rental homes,\u201d Ellis pointed out.<\/p>\n

\u201cThe opportunity then for Blackstone is to potentially share insights between Stearns and Invitation Homes to make better fund investment decisions, as well as increase the value of both investments through strategic moves.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

After its busy summer of real estate dealmaking, Blackstone saved its biggest buy of the season for last.<\/p>\n","protected":false},"author":952,"featured_media":1004129314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004129311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"\nOctober Issue: Blackstone\u2019s Summer Blockbusters - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/october-issue-blackstones-summer-blockbusters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"October Issue: Blackstone\u2019s Summer Blockbusters\" \/>\n<meta property=\"og:description\" content=\"After its busy summer of real estate dealmaking, Blackstone saved its biggest buy of the season for last.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/october-issue-blackstones-summer-blockbusters\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-13T20:53:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T16:15:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/Best-U.S.-Beach-2012_high-rez.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"796\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"October Issue: Blackstone\u2019s Summer Blockbusters\",\"datePublished\":\"2015-10-13T20:53:33+00:00\",\"dateModified\":\"2022-12-08T16:15:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/\"},\"wordCount\":493,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/10\\\/Best-U.S.-Beach-2012_high-rez.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/october-issue-blackstones-summer-blockbusters\\\/\",\"name\":\"October Issue: Blackstone\u2019s Summer Blockbusters - 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