The Blackstone Group is finalizing its statement about the acquisition, marking its second takeover of a Dallas-based hotel company in less than four months. There's no comment on its plans for the portfolio "for the time being," says Blackstone's corporate PR spokesman in New York City.
The deal closed in line with previously announced pricing for common and preferred shares. Outstanding shares totaled 202.7 million of common stock and eight million classified as preferred.
This week is bringing an abundance of announcements for the hospitality industry, which has gathered in Los Angeles for the Americas Lodging & Investment Summit. Reports from the floor is the industry is braced for another record-breaking year. High levels of debt and equity capital are flowing into the sector, driving expansions, buyouts and new brand rollouts, according to Ernst & Young's just-released 2006 US Lodging Report.
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