Skift Take
Blackstone may not have a lot of exposure to the hotel industry today, but that doesn't mean the investment firm isn't on the hunt for distressed hospitality investment opportunities during the pandemic.
One of the world’s largest real estate investors is downplaying its exposure to the struggling hotel industry, despite decades of notable hospitality investments.
Blackstone, which owned Hilton for 11 years and took a 5 percent stake in Extended Stay America earlier this year, reported a $568 million second quarter profit Thursday. Its logistics and life science real estate holdings propelled the company forward despite the coronavirus pandemic shutting down many parts of the economy.
After raising $20 billion during the second quarter, Blackstone now has a record $156 billion in “dry powder” capital to deploy for investments. But the company likely won’t use much of those cash reserves to protect its own hotel assets.
“Overall, as a percen
