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Blackstone forms new luxury resort collection
Blackstone Real Estate Advisors announced the formation of LXR Luxury Resorts, a new collection of properties that will include some of the most treasured luxury hotels, resorts, spas, golf clubs and marinas in the US.
LXR Luxury Resorts will be comprised of 14 of Wyndham’s premier owned and operated properties as well as seven hotels and resorts from Blackstone’s Boca Hospitality Collection and Prime Hospitality Holdings.
Among the well-known hotels and resorts joining the Resorts collection are The Reach Resort and Casa Marina Resort in Key West; the Boulders Resort in Carefree, Arizona; and the Buena Vista Palace in Walt Disney World Resort in Lake Buena Vista.
“The creation of LXR Luxury Resorts provides a tremendous opportunity to take an incomparable collection of prized properties, each of which has enormous potential, and turn them into true luxury showpieces,” said Bill Stein, managing director of Blackstone’s Real Estate Group.
The company has a reputation of significantly reinvesting in its assets and dramatically improving services and amenities. Company officials said over $400 million would be invested in the properties over the next several years.
When it acquired London’s Savoy Group in the 1990s, Blackstone transformed some of the city’s most loved and neglected hotels — including Claridge’s, The Savoy and The Connaught — into thriving properties.
Blackstone officials said a creative roster of various talents would be involved in the near future in reinvigorating and repositioning each of the properties. Some of the best-known chefs and restaurateurs will also be joining the hotels in the next few months, according to Blackstone.
Report by David Wilkening
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