Hey WSO,
Interested to see what you guys think are the best distressed real estate deals in history are. What are some of the greatest / most creative / most interesting turn-arounds in real estate. One example off the top of my head is Blackstone's acquisition of the Cosmopolitan. Purchased for $1.7 billion in 2014 from Deutche Bank, Blackstone did an amazing job finishing the asset and putting together a property management and marketing team, and plowing $250 mm + in renovations and improvements into the hotel. It was estimated to be worth nearly $3 billion in 2016 and must surely be nearing a $4 billion valuation now, although Blackstone has not yet exited their investment.
I'm young, but Blackstone also did a great job with the Hilton turnaround. I'd highly recommend reading "King of Capital" on Blackstone and Schwarzman just in general.
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