Blackstone Nearing Deal for Hotel Del Coronado

Private equity giant Blackstone Group is close to a deal with the Hotel Del Coronado to restructure its debt and take a majority stake in the property, Reuters reported, citing a story in the Wall Street Journal. The hotel, near San Diego, is currently owned by investors including Strategic Hotels & Resorts Inc., Kohlberg Kravis Roberts & Co. and KSL Resorts. Under the terms of the deal, Blackstone and those existing shareholders will contribut capital to cut the hotel’s debt load, Reuters said.

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