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Blackstone Hungry for More Travel Assets Beyond $6 Billion Extended Stay Deal

Cameron Sperance
Las Vegas Bellagio Fountains Bellagio Nevada

Photo Credit: Blackstone wants to beef up its hospitality real estate holdings, which already include the Bellagio (pictured) and other casino resorts in Las Vegas. Max Pixel

Skift Take

Blackstone wants to capitalize on the upside of a travel recovery and invest in leisure and hospitality assets, but who doesn’t? There’s a ton of capital waiting on the sidelines competing for potential deals, which may not be that much of an opportunity after prices go up in bidding wars.

Hospitality assets don’t play as big of a role in investor giant Blackstone’s real estate portfolio as they once did. But a flurry of multibillion-dollar deals over the last few months shows how bullish the firm is in elbowing its way back into the travel orbit. “We have by far the lowest exposure we’ve had to it, but we’d like to increase that exposure going forward,” said Jonathan Gray, Blackstone’s president and chief operating officer, during an investor call Thursday. Hospitality assets represent about 7 percent

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