Blackstone Acquires New York’s Rihga Royal Hotel

NEW YORK, NY – Affiliates of Blackstone Real Estate Advisors today announced the acquisition of New York’s Rihga Royal, a JW Marriott Hotel, and expect to assume complete management oversight of the property by early summer. Blackstone Real Estate Advisors has a history of significantly reinvesting in its assets and dramatically improving services and facilities and the same is anticipated for the Rihga Royal. The terms of the transaction were not disclosed.

Manhattan’s premier luxury all-suite hotel, the sleek 54-story Rihga is located in the heart of midtown’s Theatre District and just steps from New York City’s business and shopping districts, Central Park, Carnegie Hall and Broadway Theatres. The hotel offers guests 505 spacious suites with such in-room amenities as personal training, massage services and exercise accessories.

The Blackstone Group, a private investment firm with offices in New York, Boston, Atlanta, London, Hamburg and Paris, was founded in 1985. Blackstone’s Real Estate Group has raised five funds, representing over $6 billion in total equity, and has a long track record of investing in hotels and other commercial properties. In addition to Real Estate, The Blackstone Group’s core businesses include Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Mergers and Acquisitions Advisory and Restructuring and Reorganization Advisory. The Blackstone Group can be accessed on the Internet at http://www.Blackstone.com.