According to Bloomberg Magazine, Blackstone is continuing debt alleviation with the sale of the insolvent Deutsche Interhotel chain. Blackstone should be selling the portfolio for €600 million to creditors Starwood Capital, Brookfield Financial Management and iStar Financial in a a debt-for-equity swap. The sale will be at a loss, Blackstone having bought the chain for €750 million in 2007.The Deutsche Interhotel portfolio includes independently managed hotels, some under franchise with major brands, with Carlson Rezidor, Starwood Hotels, and Accor brand establishments in Dresden, Leipzig, Erfurt, Potzdam and Chemnitz. Notable properties are the Park Inn by Radisson Berlin Alexanderplatz (1,012 rooms), The Westin Grand Berlin (400 rooms) and The Westin Bellevue Dresden (340 rooms).
