<p>On December 5th, it was reported that Blackstone failed to repay a $275 million loan that was due, putting four Club Quarters hotels that were mortgaged at risk of foreclosure. &#34;Blackstone did not default. As part of the foreclosure process, we have transferred ownership of these hotels, which relieves us of any owner responsibilities. Moreover, this investment was fully written off four years ago, representing only 0.1% of our real estate assets under management, and this investment belongs to a very successful opportunistic real estate fund,&#34; Blackstone responded to reporters on December 6th</p>

<p>On December 5th, it was reported that Blackstone failed to repay a $275 million loan that was due, leading to the foreclosure of four Club Quarters hotels that were mortgaged. "Blackstone did not default. As part of the foreclosure process, we have transferred ownership of these hotels, which relieves us of any owner liabilities. Moreover, this investment was fully written off four years ago, and it only accounts for 0.1% of our real estate assets under management, and this investment belongs to a very successful opportunistic real estate fund," Blackstone responded to reporters on December 6th</p>

Zhitong

Blackstone

BTG Hotels

Blackstone responds to default