Alison Granito
A joint venture between Walton Street and Westbrook Partners has acquired The Drake Hotel, which has played host to everyone from Queen Elizabeth to Hollywood royalty.
The Morristown, New Jersey-based opportunistic investor expects the fund, which has $600 million in buying power, to be fully invested within the next year.
The second real estate vehicle from the UK-based private equity firm will largely stick with the investment strategy of its predecessor.
A consortium led by the Australian bank has paid $1.6 billion for Pittsburgh utility Duquesne Light Holdings.