The American investment fund acquired 15 dedicated long-stay properties located in various states across the USA.
Blackstone acquired the National Upscale Select Service Portfolio, a 15-hotel portfolio dedicated to long stays, from the company OTO Development LLC. The value of the transaction was not officially disclosed.
The 15 properties represent a total of 1,856 keys and are located in different parts of the United States: Alabama, California, Connecticut, Florida, Pennsylvania and Washington, DC. Several of them are operated under brands that have international renown such as Hampton Inn & Suites, Hyatt Place and Residence Inn. On average, the properties involved in the transaction are less than five years old.
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