Blackstone Group is using its clout and balance sheet to muscle through debt-restructuring deals on hotel investments it made during the economy's boom times. It has about $6.6 billion of debt coming due in the next 14 months on its Boca Resorts portfolio, some former Wyndham resorts and the La Quinta chain. Its strategy is to persuade the mortgage holders to extend the maturity; in exchange, Blackstone will put down 5% of the principal.

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