Blackstone venture buys debt in hotels it sold: report

NEW YORK Tue Oct 12, 2010 11:25pm EDT

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NEW YORK (Reuters) - A venture of Blackstone Group LP (BX.N) and other private investors has bought $300 million of debt in 14 hotels that Blackstone had sold to Columbia Sussex for $1.4 billion in 2006, according to a report on the Wall Street Journal Website on Tuesday.

The story, which cited unnamed people familiar with the matter, said the junior debt was bought by a venture of Blackstone, Centerbridge Partners LP and Paulson & Co at a significant discount.

Blackstone was not immediately available for comment.

(Reporting by Sinead Carew; Editing by Muralikumar Anantharaman)