Blackstone Inc. BX, -1.60% and Starwood Capital Group have agreed to pay $1.5 billion to jointly acquire 111 properties under the WoodSpring Suites brand from Brookfield Asset Management Inc. BAM, -2.70%, The Wall Street Journal reported Friday. The WoodSpring Suites brand, owned by Choice Hotels International Inc., specializes in guests staying weeks or months. The firms are targeting Americans traveling for business or drive-to vacations, the newspaper reported, citing people familiar with deal. The WoodSpring Suites deal comes after Blackstone and Starwood jointly bought Extended Stay America Inc. for $6 billion in 2021. Shares of Blackstone Group are down 13.8% this year, compared to a drop of 6% by the S&P 500.
