Blackstone Buys Motel 6 As Private Equity Flows To Real Estate

The Blackstone Group L.P. (NYSE:BX) has purchased the motel chain, Motel 6, today from a French hotel giant. The deal cost the private equity firm just $1.2 billion. The acquisition adds to the large portfolio of hotel chains already owned by Blackstone. In October of 2007 the company purchased Hilton Worldwide for $26.9 billion. That deal marked the high point for both the real estate market and the private equity market. Blackstone has continued to add to its portfolio of hotels, purchasing Mint Hotel last year for $1.1 billion. Blackstone is no stranger to investment in real estate. The firm…