Blackstone Continues Real Estate Buying Spree
The private equity giant snaps up control of a major resort owner
The Blackstone real estate buying spree continues. The private equity firm has continued its rapid deployment of funds into real estate with another purchase.
On Tuesday, the firm announced it would purchase a 65% controlling interest in Great Wolf Resorts.
Tyler Henritze, head of U.S. acquisitions, Blackstone Real Estate, commented on the deal.
“We have been very impressed by the evolution and growth of the company under Centerbridge’s ownership,” he said. “With the leadership of its talented management team, Great Wolf has enriched the guest experience and opened seven new lodges since 2015. We look forward to investing in these properties to further deliver for guests and grow the company.”
Great Wolf is an owner and operator of family-oriented entertainment resorts and lodges. It has 18 resorts around the country. As part of the deal, Blackstone and Centerbridge will form a new $2.9 billion joint venture to own Great Wolf.
“We are pleased to welcome Blackstone as a new member of the Great Wolf pack and excited to begin the next chapter for our rapidly expanding company,” said Murray Hennessy, the CEO of Great Wolf Resorts. “Great Wolf stands to benefit greatly from Blackstone’s world-class insights and expertise in hospitality. [And it] values Centerbridge’s continued involvement as we look to further expand the Great Wolf brand with the development of new resorts and enhancements to our renowned immersive family experiences.”
The Blackstone Real Estate Buying Spree Continues
DailyAlts is running out of ink trying to keep up with the Blackstone real estate buying spree. As the firm looks to raise $100 billion this year, it has snapped up commercial real estate in a hurry in recent months.
This week, we reported that it purchased Colony Industrial, the massive warehouse division of Colony Capital, for $5.9 billion.
Meanwhile, the private equity giant also purchased Dream Global REIT this month for $4.69 billion. The deal will also see Blackstone acquire all of the office and industrial property manager’s subsidiaries and assets.
Finally, the company is also in talks to buy and lease back the Bellagio and MGM Grand Las Vegas casinos from MGM Resorts International (MGM). The firms have not finalized a deal.
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