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Blackstone reportedly selling Deutsche Interhotel

The Blackstone Group is reportedly set to sell the 10-hotel Deutsche Interhotel portfolio to its creditors Starwood Capital, Brookfield Financial Management and iStar Financial for €600 million (US$802 million).

Bloomberg reported on Friday that according to a person with knowledge of the matter, The Blackstone Group, New York City, is letting go of the insolvent chain at a loss in a debt-for-equity swap after buying the hotels in 2007 for €750 million (US$996 million).

The Deutsche Interhotel consists of independently managed hotels, some of which are under franchises with major brands, that were formerly run by the Stasi under the communist East German government.

The portfolio includes the 1,012-room Park Inn by Radisson Berlin Alexanderplatz, the 400-room The Westin Grand Berlin and the 340-room The Westin Bellevue Dresden as well as other Carlson Rezidor, Starwood Hotels & Resorts Wordwide and Accor-branded properties in Dresden, Leipzig, Erfurt, Potzdam and Chemnitz.

Exterior of The Westin Grand Berlin
Exterior of The Westin Grand Berlin
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