Latest news with #BlackstoneRealEstate
Business Times
10 hours ago
- Business
- Business Times
Blackstone snaps up stakes in office buildings leased by Meta
[NEW YORK] Blackstone's real estate business purchased stakes in two office properties in Bellevue, Washington, that are leased by Meta Platforms. Owner Shorenstein Investment Advisers sold an interest in two buildings, known as Blocks 5 and 6, to funds affiliated with Blackstone Real Estate, according to a statement on Wednesday (Jun 18). Blackstone is buying a 40 per cent stake in each property and the pair of buildings is valued at a combined US$545 million, according to a source familiar with the matter who asked not to be identified, citing private details. The New York-based asset manager has been hunting for more office deals, focusing on newer buildings with strong tenant demand. In January, Blackstone President Jon Gray said that the office market had 'bottomed'. Earlier this month, funds affiliated with Blackstone Real Estate purchased a stake in Manhattan's 1345 Avenue of the Americas. Bellevue has benefited from the technology companies, such as and Salesforce, that have offices in the area. Its 19 per cent office vacancy rate in the central business district compares with 33 per cent for downtown Seattle, which was hit particularly hard by the pandemic, according to CBRE Group. The Block 5 and 6 buildings, which each rise 11 storeys, are in the Spring District. Block 6, which opened in 2023, was recently subleased by software company Snowflake, which moved into the property in May. Shorenstein and Wright Runstad & Co also struck a deal with Drawbridge Realty to sell Block 13, a nine-storey office building in the area, according to the statement. BLOOMBERG
Yahoo
10-03-2025
- Business
- Yahoo
OYO elevates Sonal Sinha to CEO of newly acquired G6 Hospitality
India-based hospitality chain OYO has appointed Sonal Sinha as the CEO of G6 Hospitality, the American motel chain recently acquired from Blackstone Real Estate. The acquisition, finalised in December 2024, added 1,500 franchised hotels across the US and Canada to OYO's portfolio. The combined entity is projected to generate a gross booking value of approximately $3bn, with G6 Hospitality, which operates the Motel 6 and Studio 6 brands, contributing $1.7bn. OYO expects the integration to drive significant synergies and accelerate growth in international markets. Last October, the company appointed Sonal Sinha as chief operating officer (COO) International. A professional chartered accountant, Sinha joined OYO in 2015. He previously served as chief financial officer for International Business, where he played a key role in improving business margins and establishing financial control frameworks. In the new role, Sinha will continue to report to OYO International CEO Gautam Swaroop. OYO founder and group CEO Ritesh Agarwal said: 'Sonal has been instrumental in driving OYO's international business to new heights. His deep understanding of our operations and proven track record of enhancing business performance make him the ideal leader to spearhead G6 Hospitality while maintaining the strong momentum of our global business.' Meanwhile, OYO's chief growth officer Kavikrut is leaving the company to take over the role of CEO at Indian incubator T-Hub. Agarwal added: 'We're immensely grateful to Kavikrut for his contributions to OYO's journey. Having been with us since our early startup days, Kavikrut has helped shape our culture and growth trajectory through both challenging times and periods of great success. 'His vision and leadership have left a mark, and while we'll miss his presence, I am delighted that he has chosen to pursue a role that will add immense value to Telangana and India's tech and startup ecosystem.' "OYO elevates Sonal Sinha to CEO of newly acquired G6 Hospitality" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
