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Hotel del Coronado has a new majority owner

The legendary inn, the historic Hotel del Coronado, has a new majority owner, Blackstone Real Estate Advisors (a division of the Blackstone Group, a Wall Street powerhouse). Blackstone Real Estate Advisors now has a 60% stake in the hotel, while the previous owners (Strategic Hotels & Resorts), which purchased the hotel in 2005 for $745 million, retains a 34.3% share. The value of the recapitalized Hotel del Coronado is about $590 million.

Built in 1888, the Hotel del Coronado , in the city of Coronado, on the Ocean near San Diego, has seen 11 U.S. Presidents as guests, starting with Benjamin Harrison. Charles Lindbergh, Thomas Edison, and Babe Ruth stayed there, and the hotel provided the setting for the 1959 comedy, “Some Like it Hot.”

According to the Los Angeles Times:

“Blackstone stepped in as the previous majority owner, Strategic Hotels & Resorts, faced a $630-million loan balance due this month. The recapitalization with Blackstone values the hotel at about $590 million and gives Blackstone a 60% ownership interest, Strategic Hotels said Monday.

Strategic Hotels retains 34.3% of the ownership, and La Quinta-based KSL Resorts, the hotel’s operator, retains 5.7%. Deutsche Bank provided a $425-million loan for the deal.”

My blog entry linked above discusses the history of the hotel, many more distinguished guests, and its history in films. Oh, of course the hotel is haunted, by the ghost of Kate Morgan.

-Bill at

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