The Blackstone Group has received a $335 million loan for the acquisition of four Club Quarters Hotels in Boston, Chicago, Philadelphia and San Francisco. The portfolio encompasses 1,228 rooms, with the properties having undergone over $16 million of capital investment since 2009. Club Quarters is a membership hotel in which members commit to a number of room nights per calendar year. Contracts are renewed on an annual basis for the following calendar year and membership is tied to each specific hotel. "These hotels are in impeccable cities, which are ranked among the largest and strongest lodging markets in the U.S.," said Jamie Henderson, Chief Investment Officer - Alternative Investments at Cornerstone. "We are pleased to provide Blackstone with this important strategic financing and to further expand our relationship."
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