Blackstone encounters a "robbery" in real estate?

Blackstone is currently facing a default crisis due to its failure to repay a $275 million loan, involving the foreclosure of four Club Quarters hotels. Blackstone stated that it has transferred ownership of the hotels and claimed that the investment was fully written off four years ago, accounting for only 0.1% of its real estate asset management scale. The valuation of these four hotels has dropped from $423 million in 2017 to $320 million at the beginning of this year, a decrease of approximately 24%. Additionally, Blackstone was also involved in a default incident last year due to its failure to repay a $562 million commercial real estate loan