One of the biggest private equity firms is turning into a huge real estate company (BX, BEE)

The biggest private equity investor in real estate is making yet another multi-billion dollar buy.  Blackstone's seventh real estate fund is spending about $6 billion to buy Strategic Hotels, the latest in a series of big acquisitions and sales by Steve Schwarzman's PE firm in 2015.  Strategic's shares were up about 4% at the open Tuesday morning September 8. The company's shares plummeted in the wake of the financial crisis and have steadily risen in the time since, but never fully recovere...