Blackstone Group is close to acquiring about a 50% equity stake in Hotel Del Coronado near San Diego, California, from its owners, The Wall Street Journal reports. The U.S. private equity firm will provide around $100 million of new capital in the hotel.
As per the deal, the three owners of the property Strategic Hotels & Resorts, Kohlberg Kravis Roberts & Company and KSL Resorts will also contribute capital to bring down the hotel’s debt from $630 million to $425 million. KSL will continue to manage the resort.
Click here for the story from The Wall Street Journal.