Blackstone and Starwood Capital to acquire 11 WoodSpring Suites hotel properties from Brookfield Asset Management for $1.5bn.

Investment companies The Blackstone Group and Starwood Capital agreed to acquire 11 WoodSpring Suites hotel properties from Brookfield Asset Management, an investment management company, for $1.5bn. The acquisition of the WoodSpring Suites properties by Blackstone and Starwood follows their joint purchase of Extended Stay America for $6bn last year, another deal for a long-term-stay operator where the two firms split the ownership in half.