The Real Deal Miami

Blackstone backs off hotel

September 22, 2009 12:38PM

In a rare concession to the market downturn, the real estate arm of Blackstone Group has sold a Fort Lauderdale hotel, which operated most recently as a Holiday Inn, for a loss. The New York-based private equity firm group Blackstone Real Estate Advisors sold the 240-room hotel and two parking lots at 999 N. Fort Lauderdale Beach Boulevard for nearly $13.8 million to Weston-based Insite Sunrise Beach. Blackstone paid about $13.5 million just over a decade ago for the hotel.