trending Market Intelligence /marketintelligence/en/news-insights/trending/lJgpaAryaWZ6UKlsWAop3Q2 content esgSubNav
In This List

Blackstone's nontraded REIT buys UC Davis hotel

Blog

Funding Social and Affordable Housing: A Credit Perspective

Blog

Gauging Supply Chain Risk In Volatile Times

Blog

The Future of Risk Management Digitization in Credit Risk Management

Blog

Climate Credit Analytics: Diving into the model


Blackstone's nontraded REIT buys UC Davis hotel

Blackstone Real Estate Income Trust Inc. bought the Hyatt Place UC Davis hotel at the University of California, Davis for roughly $32.2 million, excluding closing costs.

The hotel contains 127 rooms and was sold by a Westbrook Partners affiliate Jan. 20.

The Blackstone Group LP nontraded REIT on Jan. 23 signed an unsecured, uncommitted line of credit of up to $250 million. The line of credit is due Jan. 23, 2018, with a one-year extension option. The interest rate is the then-current rate offered by a third-party lender, or, if no such rate is available, LIBOR plus 2.25%, according to a filing.

The REIT on Jan. 19 named Brian Kim head of acquisitions and capital markets. Kim is a managing director with Blackstone Real Estate and is based in New York.

Blackstone Holdings Finance Co. LLC, a Blackstone affiliate, is the lender under the line of credit.