Blackstone Completes Acquisition Of Crown Resorts

Blackstone, the world's largest alternative asset manager, announced that its real estate and private equity fund has completed the acquisition of Crown Resorts, marking the firm's largest transaction in Asia Pacific to date.

Photo Insert: The deal includes three high-end resort and casino properties in Melbourne, Perth, and Sydney.

The deal includes three high-end resort and casino properties in Melbourne, Perth, and Sydney.

Blackstone will collaborate with Crown's management team and thousands of dedicated employees, as well as their representatives from the United Workers Union and other partner unions, to transform these properties into world-class entertainment destinations and to continue Crown's transformation to operate at the highest levels of compliance, governance, and integrity.

“We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company,” said Alan Miyasaki, Head of Real Estate Acquisitions Asia for Blackstone.

"We are eager to boost the regional economy, generate employment, and draw tourists to Crown's first-rate resorts," adds Chris Tynan, Head of Real Estate Australia for Blackstone.

Crown, one of the biggest entertainment companies in Australia, has a significant economic impact on the country. Two of Australia's top integrated resorts, Crown Melbourne and Crown Perth, as well as Crown Sydney, Sydney's newest luxury hotel resort and dining district, are among the key operations of Crown.

According to Steve McCann, Chief Executive Officer of Crown Resorts, “Australian tourism has entered a recovery phase, and we believe this trend will continue. Crown’s suite of outstanding assets has built a loyal customer base over the past 28 years, and we are excited about the opportunities ahead of us as we revitalize Melbourne and Perth and celebrate the addition of Sydney.”

"With Blackstone's investment and expertise," McCann says, "we're confident Crown can cement its place on the global stage as one of the world's leading owners and operators of integrated resorts."

Blackstone has established a solid reputation in the broader hospitality, travel, and leisure sectors over the last 12 years.

The firm completed the sale of The Cosmopolitan of Las Vegas this year, after transforming the property into one of the most vibrant destinations on the Las Vegas Strip. Blackstone made significant operational changes during its eight years of ownership, built a best-in-class management team, and committed a sizable sum of money to refurbish 3,000 guest rooms and improve the F&B options.

Additionally, Blackstone held Hilton Hotels Corporation for 11 years, during which time it helped the company double in size to more than 5,300 properties and 400,000 employees globally.

Other notable investments in these industries include the purchase of an eight-hotel portfolio in Japan's leading tourist locations, the acquisition of Bourne Leisure, a premier British holiday company, and the combined acquisition of Extended Stay Hotels.

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