Blackstone Raises a $30 Billion Investment Fund
Skift Take
- Blackstone announced the final close of its Blackstone Real Estate Partners Xfund with $30.4 billion of total capital commitments, the largest real estate or private equity drawdown fund ever raised.
- Truist lowered their target price on Pebblebrook Hotel Trust, saying they have concerns over 2024 San Francisco conventions along with rising hotel-level costs.
- Celebrating its five-year anniversary, the Hard Rock Hotel Dayton Beach in Floridadebuted a multimillion renovation including refreshed guestrooms and youth club and revamped memorabilia.
The DJIA was up 383 points while Nasdaq was up 237, the S&P 500 rose 54 points and the 10-year treasury yield was up .02 to 3.44%. Lodging stocks were higher. SOND traded down to another all-time low but that doesn’t mean anything to the rest of the group. AHT was up 15% to lead the group while VCSA was up 6% on the day.
Truist lowered their target price on Pebblebrook Hotel Trust, saying they have concerns over 2024 San Francisco conventions along with rising hotel-level costs. That being said, they view PEB’s 4Q22 earnings calls commentary on the EBITDA bridge as reasonable, highly underappreciated and possibly materially under-modeled. Truist did raise their EBITDA and AFFO share estimates for 2023. They lowered their target price to $16 from $18 and maintained their Hold rating.
The Baird/STR Hotel Stock Index was down -3.4% in March from February. The Hotel Brand sub-index was down -2.9% wh
