Blackstone backed out of hotels in the nick of time.
“It wasn’t because we anticipated the pandemic,” said president Jonathan Gray on the firm’s Q2 earnings call Thursday. Rather, the investment giant saw greater promise in the rental housing, life sciences and industrial buildings it picked up in the past year investments that helped it nearly double its distributable earnings year-over-year.
Now, the firm is betting on recovery, with plans to pull hospitality, which currently comprises about 7 percent of its real estate portfolio, back into the mix.
“I think that number will go up,” Gray said. “We do think people will return to travel individual and leisure travel first and over time corporate and group travel, so it’s a sector we like.”
Blackstone Hungry for More Travel Assets Beyond $6 Billion Extended Stay Deal
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Auburn hotel to be King County s latest site to house chronically homeless people
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King County buys fourth hotel to house homeless
A former hotel purchased by King County to house its homeless population. (King County)
King County continues to expand its roster of hotels to house the region’s homeless population, announcing the purchase of Redmond’s Silver Cloud Inn on Wednesday.
The county purchased the hotel for $28.25 million, with plans to house as many as 144 people once it’s up and running. It will also offer residents round-the-clock case management and behavioral health services.
This marks the latest in a series of hotel purchases by King County, as part of its “Health Through Housing” initiative. Under that plan, the county hopes to establish “up to 1,600 emergency housing and supportive housing units for people experiencing chronic homelessness.”