Blackstone Group obtained an $800 million loan from JPMorgan Chase to refinance debt backed by 13 hotels, according to a Bloomberg report. The debt is expected to be restructured as a CMBS, the report said.
The five-year loan will pay a floating rate above Libor using a structure that allows for early repayments, according to the Bloomberg report.
Blackstone has been buying property accross the country, according to different published reports. Aside from purchasing 180 industrial buildings from ProLogis last year, it also took over 14 hotels from Columbia Sussex Corp. in 2010.
More recently, Blackstone Group reportedly bought $600 million worth of debt on a portfolio of CalWest industrial properties.