Blackstone Takes Majority Stake in Hotel del Coronado

Buyout shop Blackstone Group has acquired a majority interest in San Diego’s Hotel del Coronado, Reuters reported. Blackstone will own 60% of the hotel. The deal reduces the hotel’s debt load by roughly a third, to $425 million. Strategic Hotels & Resorts, which will continue as the hotel's asset manager, will have a 34.3% stake. KSL Resorts, the hotel's operator, will hold 5.7%, Reuters wrote.

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