Blackstone acquires US$1.6B in India real estate: Bengaluru, India-based Prestige Estates Projects Ltd. agreed to sell office, retail and hotel properties to U.S.-based investment firm Blackstone in a deal estimated at 12,000 crore rupees (US$1.63 billion). The deal is expected to be closed by end of November. Two unnamed hotels with 336 keys are also part of the deal.
Thai trust set up for hotel acquisitions: Destination Capital Pte. And KTB Securities PC Ltd., both of Thailand, announced the launch of DESCAP 1 Private Equity Trust, which will acquire hotels in Thailand. James Kaplan, Destination Capital’s CEO, said the company will source, acquire, reposition and asset manage hotels acquired by DESCAP 1, with KTB acting as trust settlor and trust manager.
Conrad will debut on Moroccan coast: Conrad Hotels & Resorts, Hilton’s contemporary luxury hotel brand, has signed an agreement for a location on Morocco’s Atlantic Coast via the Conrad Rabat Arzana. The resort will be part of a luxury residences development called Arzana, located just southwest of the capital city, Rabat. The 120-room hotel will have two restaurants with all-day dining, in addition to a lobby bar and pool lounge. The hotel will also offer a fully appointed spa and salon as well as a ballroom and four meeting rooms.