Blackstone bets billions on travel revival

Blackstone Group Inc. is doubling down on a post-Covid 19 economic recovery, investing heavily in businesses that will benefit from a world that’s gradually reopening. New York-based Blackstone invested $17.7 billion in the first three months of the year, buying hotels including Extended Stay America Inc., private-jet operator Signature Aviation Plc and UK travel company Bourne Leisure. Investors continued to bet solidly on Blackstone, which saw its assets under management swell to a record $648.8 billion, the company said yesterday in an earnings report. But even as the stock market kept soaring, travel-related assets were struggling as people continued social distancing and local restrictions limited capacity at hotels and other venues.