04:27 PM EST, 03/08/2024 (MT Newswires) -- Blackstone (BX) is close to finalizing a deal to acquire the W Hotel property in Fort Lauderdale, Florida, Bloomberg News reported Friday, citing people familiar with the transaction.

The money manager would acquire the hotel through its Blackstone Real Estate Partners X fund, one of the sources said, with the property expected to fetch around $150 million. According to loan data, current owner Related Fund Management refinanced the property at a $200 million valuation in 2018.

Blackstone shares closed fractionally higher on Friday. The company did not immediately return a request seeking comment about the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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