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Blackstone's nontraded REIT buys UC Davis hotel


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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.