The Blackstone Group is leaving the lights on at its Motel 6 properties in Broward County.
Property records show the private equity giant closed on an $87 million loan for the budget motels at 1801 State Road 84 in Fort Lauderdale, 1201 Northwest 31st Avenue in Pompano Beach, 825 East Dania Beach Boulevard in Dania Beach, and 5645 University Drive in Coral Springs. Deutsche Bank is the lender.
Blackstone affiliate G6 Hospitality Property LLC paid $6 million for the 124-key Studio 6 in Coral Springs, about $6.5 million for the 163-room motel in Dania Beach, an undisclosed amount for the 106-key property in Fort Lauderdale, and about $2 million for the 126-room motel in Pompano, property records show.
Earlier this month, Blackstone and Starwood Capital Group announced they will merge their single-family rental businesses, creating a new landlord of 82,000 rental homes across 17 metro areas. The new company will retain the name of Blackstone’s publicly-traded single family division, Invitation Homes, and will officially become the country’s largest single-family home owner, nearly two times larger than the closest competitor, Texas-based American Homes 4 Rent.