Blackstone Earnings Nearly Double in Q2 2021

Blackstone president Jonathan Gray (Blackstone and iStock)

Blackstone backed out of hotels in the nick of time.

“It wasn’t because we anticipated the pandemic,” said president Jonathan Gray on the firm’s Q2 earnings call Thursday. Rather, the private equity giant saw greater promise in the rental housing, life sciences and industrial buildings it picked up in the past year — investments that helped it nearly double its distributable earnings year-over-year.

Now, the firm is betting on recovery, with plans to pull hospitality, which currently comprises about 7 percent of its real estate portfolio, back into the mix.

“I think that number will go up,” Gray said. “We do think people will return to travel — individual and leisure travel first and over time corporate and group travel, so it’s a sector we like.”

That plan is already being put into action. In March, Blackstone struck a $6 billion deal to acquire the economy hotel…

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