yeah, the Blackstone Group has been purchasing hotels and brands for the last few years. They bought Homestead, Extended Stay America, Wellesley Inn and Suites, Amerisutes, Wyndham and most recently La Quinta which has La Quinta and Baymont Inn. They converted most Wellesley's into Extended Stay's so in alot of markets they have two hotels next to each other and in some case three hotels or very close. They resold Amerisutes to Hyatt and those will be converted to the new "Hyatt Place". They kept most of the real estate Wyndham owned plus alot of the upscale resorts and then resold the name to Cedant (Ramada, Days, Hojo, etc.). They just wanted the land from that deal. Here is come of the history: Blackstone Group Gets Boca Raton Resort and More October 21, 2004 By Jennie Bell, Managing Editor In its third hospitality merger this year, The Blackstone Group is purchasing Florida-based hotel owner/operator Boca Resorts Inc. for a total of $1.3 billion, for a per-share price of $24. The deal, which is expected to close late this year or early 2005, came as little surprise to the hotel industry. "Something was going to happen with Boca," said Tom O'Connell, senior managing director of the hospitality group at Cushman & Wakefield Inc. "The market was just lined up, in terms of increases." As the buyer, Blackstone group will take over ownership of Boca's five South Florida resorts and four golf courses. The chief attraction in the portfolio is the luxurious Boca Raton Resort & Club, which O'Connell considers one of the top five group meeting destinations in the country. "Boca Raton probably carries the bulk of the valuation of the transaction," he said. According to a company spokesperson, Blackstone has a "long track record in prestige hotels," with its Savoy Group in London and luxury hotels in Washington, D.C., San Francisco and Hawaii. During the past year, Blackstone has made multiple investment moves into other areas of the industry, taking over Extended Stay American Inc. and its 475 hotels in May for $3.1 billion, and buying Prime Hospitality Corp. and its 250 properties in August for $790 million. "Blackstone is becoming one of the largest hotel owners in the country and not just for five-star assets," O'Connell said. "They've kind of hit all the segments. They've always taken big positions in hospitality, and this is a pretty big position." The merger between the two companies is still awaiting approval by the shareholders; however, Boca Resorts' CEO, H. Wayne Huizenga, who represents 98 percent of the vote, has already announced he will choose in favor of the deal. Blackstone is paying a share price 28 percent above the Oct. 19 closing price of $18. Wyndham Sells Out to Blackstone Group JUNE 14, 2005 -- Dallas -- Wyndham International has agreed to sell itself to the private investment firm, the Blackstone Group, in a deal worth $3.2 billion, the company announced today. Wyndham manages or franchises 142 properties in 10 countries, including 32 properties it owns or leases. Wyndham brands include Wyndham Hotels, Wyndham Resorts, and Summerfield Suites by Wyndham. Wyndham also owns the Golden Door Spa, located in Escondido, Calif., and at four other Wyndham properties. Wyndham has been saddled with debt ever since the company's forerunner, Patriot American Hospitality, acquired more than 200 properties under various brands in the 1990s. To right its balance sheet, Wyndham has sold off about 150 properties since 1999. Nonetheless, its debt was recently estimated at $1.8 billion. New York-based Blackstone also owns Prime Hospitality, which it acquired last October. Prime, of Fairfield, N.J., last year bought 12 properties from Wyndham. Blackstone's acquisition of Wyndham is subject to Wyndham shareholder approval. The deal is expected to close in the fourth quarter. DALLAS, Nov. 9 /PRNewswire-FirstCall/ -- La Quinta Corporation and La Quinta Properties, Inc. today announced that they have entered into a definitive merger agreement to be acquired by an affiliate of The Blackstone Group for $11.25 per paired share in cash. The price represents a premium of 37% over yesterday's closing price of $8.22. The total value of the transaction, including debt, is approximately $3.4 billion. The boards of directors of La Quinta unanimously approved the merger agreement and recommended approval by their stockholders. La Quinta Corporation stockholders will be asked to vote on the proposed transaction at a special meeting that will be held on a date to be announced. The completion of the merger agreement is subject to various customary closing conditions. The closing of the merger agreement is expected to occur during the first quarter of 2006. Completion of the merger agreement is not subject to the receipt of financing by Blackstone. Francis W. ("Butch") Cash, chairman and chief executive officer for La Quinta, said, "We are pleased to have signed a merger agreement with one of the world's preeminent owners of hotels and resorts. Blackstone was attracted by our strong brands, high quality hotels, excellent management team and operating culture that is focused on delivering superior guest satisfaction. We believe this transaction is beneficial to our stockholders and will build on the accomplishments we have achieved over the last five years." Jonathan D. Gray, senior managing director of The Blackstone Group, said, "We are excited to be acquiring La Quinta and look forward to working with its employees and franchise owners to continue the company's success. We feel particularly fortunate to inherit such a great organization and vibrant franchisee base." Morgan Stanley acted as financial advisor to La Quinta. Bear Stearns, Deutsche Bank, and Merrill Lynch acted as financial advisors to Blackstone. Acquisition financing is being provided by Bank of America, Bear Stearns, and Merrill Lynch. Goodwin Procter LLP acted as legal advisor to La Quinta. Simpson Thacher & Bartlett LLP acted as legal advisor to Blackstone. About La Quinta La Quinta Corporation and its controlled subsidiary, La Quinta Properties, Inc. is one of the largest owner/operators of limited-service hotels in the United States. Based in Dallas, Texas, the Company owns and operates 360 hotels and franchises more than 240 hotels in 39 states under the La Quinta Inns
