Private equity firm Blackstone Group (BX.N) has taken a majority stake in San Diego's historic Hotel del Coronado in a deal that will reduce the hotel's debt load by about a third. Blackstone will take a 60 percent ownership interest in the property. Strategic Hotels & Resorts (BEE.N), which will continue as the hotel's asset manager, will have a 34.3 percent stake. KSL Resorts, the hotel's operator, will hold 5.7 percent. Blackstone, sitting on about $30 billion of capital, has been active in buying U.S. commercial real estate such as hotels, retail property and warehouse space from distressed owners and others who need cash. [nN03258544]
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