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Blackstone seeks $450m for hotel refinancing

25 Jan 2013

Global private equity giant Blackstone is reportedly planning to borrow up to $450m to refinance debt on the historic Hotel de Coronado in San Diego, California.

Blackstone – the largest owner of hotels in the US – has a 60 per cent stake in the building following a recapitalisation deal in February 2011, Bloomberg said.

Deutsche Bank had provided a $425m debt financing for that deal, and that the owners have the option of repaying that after two years, citing a source with knowledge of the plans.

Blackstone is said to be eyeing the refinancing to take advantage of lower interest rates.

Its partners in the hotel are Strategic Hotels & Resorts, the property’s asset manager, and KSL Resorts, its operator. Chicago-based Strategic held 34.3 per cent after the recapitalization and KSL had 5.7 percent.

In October Blackstone completed fundraising for its mammoth $13.3bn Real Estate Partners VII vehicle, which gathered commitments from more than 250 investors in just 13 months.

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