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Blackstone Potentially Buying Group of Hotels for $800M

Blackstone Group is close to an agreement to buy a group of select-service hotels from Clarion Partners LLC for about $800 million, according to this report from Bloomberg. The agreement would be for 47 extended-stay Residence Inn and Homewood Suites hotels, the article states, with a majority located in the top 25 U.S. markets. Blackstone, the largest real estate private-equity firm, has been buying select-service hotels amid a recovery in the U.S. lodging industry. Read more over at Bloomberg.

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