Blackstone Group LP, the largest U.S. hotel owner, is in talks to borrow about $450 million to refinance debt on San Diego’s historic Hotel del Coronado to take advantage of lower interest rates, a person with knowledge of the plans said.
Blackstone’s real estate unit holds 60 percent of a joint venture that took ownership of the hotel in a February 2011 recapitalization, for which Deutsche Bank AG provided $425 million of debt financing. The owners have the option to repay that debt after two years, according to the person, who asked not to be identified because the information is private.
