Blackstone has completed the acquisition of Crown Resorts Limited (“Crown”) in what is the largest transaction to date for the firm in the Asia Pacific. The transaction comprises three premium resort and casino properties in Melbourne, Perth, and Sydney. Crown’s core businesses include two of Australia’s leading integrated resorts, Crown Melbourne and Crown Perth, as well as Sydney’s latest premium hotel resort and dining precinct at Crown Sydney.
“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, Blackstone.
“We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people. We look forward to working with the teams at Crown and applying our experience in owning and operating marquee hospitality brands around the globe with the highest levels of ethics and integrity to create something unique for employees, local communities, and visitors.”
Steve McCann, Crown Resort’s Chief Executive Officer, added: “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, we’re confident Crown will cement its place on the global stage as one of the world’s leading owners and operators of integrated resorts.”
Blackstone has been expanding its offering in the hospitality, travel, and leisure sectors. 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.
In addition, Blackstone owned Hilton Hotels Corporation for 11 years, during which it helped double the size of the company to more than 5,300 properties and 400,000 employees worldwide, the company said.
Its other recent investments in these sectors include the acquisition of an 8-hotel portfolio across Japan’s top tourist destinations; the acquisition of Bourne Leisure, a premier British holiday company; and the joint acquisition of Extended Stay Hotels.