Private-equity firms buy mortgages tied to 45 hotels

03/17/2011 | Wall Street Journal, The

A venture by Blackstone Group and Square Mile Capital has agreed to pay roughly 80 cents on the dollar for a bundle of mortgages linked to 45 hotels, sources say. The group will buy the $385 million mortgage bundle from the Federal Deposit Insurance Corp. The relatively high sale price reflects rising optimism about the hotel industry.

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Wall Street Journal, The

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