Blackstone Seeks Buyers for European Hotel Portfolio

(Bloomberg) -- Blackstone Group LP is seeking buyers for a portfolio of European hotels, according to people familiar with the matter.

The firm is working with brokers Eastdil Secured and Jones Lang LaSalle on the portfolio of 29 hotels, with 18 in Germany and the rest in the Netherlands, said some of the people, who asked not to be named because the matter is private. The hotels, which collectively include some 3,350 rooms, are part of a larger portfolio that the New York-based firm bought in 2015 and could fetch roughly 400 million euros ($462 million), some of the people said. Representatives from Blackstone, Eastdil and JLL declined to comment.

Blackstone has spent millions on capital expenditures, including renovating guest rooms and common areas, which has lifted the so-called average daily rate across this portfolio, one of the people said.

Europe is the most active market for inbound capital, outpacing even North America, according to research on hotel transactions by JLL. Amsterdam and Berlin are among cities demonstrating positive year-on-year revenue per available room growth, the research shows.

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