Blackstone Doubles Down on AI-Fueled San Francisco as Q3 Real Estate Marks Slip 3.2%

Blackstone's third-quarter results showed rising interest rates eroding values in its opportunistic real estate funds, yet the only U.S. property acquisition the firm named in its earnings release was the $279 million purchase of the 821-room Hyatt Regency on San Francisco's Embarcadero, a wager that artificial intelligence spending will keep refilling the city's hotels.