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Blackstone wins bidding war for Hospitality Europe

21 March 2006
Blackstone wins bidding war for Hospitality Europe

US private equity group Blackstone has bought Hospitality Europe for an estimated €650m (£451m).

The portfolio comprises four Sheraton-branded properties at Frankfurt airport, Schiphol airport, Brussels airport and Stockholm. It also includes Amsterdam's 17th century Pulitzer hotel, the Paris Hyatt and two further properties in Prague and Brussels.

The properties were the subject of a bidding war between Blackstone, Goldman Sach's Whitehall fund and Citigroup. Hotel property agents Jones Lang LaSalle handled the deal but declined to comment.

Last week the acquisitive venture-capitalists bought Center Parcs for £205.4m, following on from its £1.78b deal in June last year to buy luxury New York hotel group Wyndham International.

By Emily Manson

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