10:01 AM EDT, 06/12/2024 (MT Newswires) -- Blackstone (BX) will buy two luxury stores adjoining the Mandarin Oriental hotel in Paris for 148 million euros ($160.3 million), Mandarin Oriental International said Wednesday.

The retail units will be sold to Lavender Propco, which is controlled by Blackstone Europe, according to Mandarin Oriental International.

Proceeds from the sale, expected to close around June 30, will be used for the general development strategy of Mandarin Oriental Hotel Group.

Blackstone shares were 5.6% higher in recent trading Wednesday.

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