Blackstone Group LP (BX)?plans to sell its London West Hollywood hotel to take advantage of a Los Angeles lodging recovery, said Jonathan Gray, global head of real estate at the private-equity firm.
?We?ve owned this asset for a number of years,? he said in an interview yesterday following a media tour of Barker Block, a Los Angeles condominium development partly owned by New York-based Blackstone. ?We?ve invested in it, it?s performing well,? Gray said of the hotel, which Blackstone spent $50 million to renovate.
The London West Hollywood, located just off Sunset Boulevard and featuring a Gordon Ramsay restaurant, is part of Blackstone?s LXR Luxury Resorts & Hotels unit. Blackstone sold another LXR property, Golden Door Spa in Escondido, California, for $24.8 million in December. Other resorts in the portfolio include El Conquistador Resort in Puerto Rico and the Casa Marina resort in Key West, Florida, according to data compiled by Bloomberg.
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Source: Nadja Brandt (2013). Blackstone Plans to Sell London West Hollywood Hotel, BloombergBusinessWeek http://www.businessweek.com/news/2013-04-19/blackstone-plans-to-sell-london-west-hollywood-hotel published Apr 19, 2013. Viewed Apr 23, 2013,