Blackstone Acquires Napa Valley Resort in a Foreclosure Sale

Blackstone Inc. bought a luxury resort in California’s Napa Valley, extending a bet that booming demand for artificial intelligence will translate into real estate profits in San Francisco and the surrounding region.

Blackstone acquired Stanly Ranch, a luxury resort that is part of the Auberge Collection, at auction on March 27, after the previous owners defaulted on a $220 million loan. Blackstone had previously acquired a loan on the property and proceeded with a planned foreclosure, according to a person with knowledge of the matter.

The acquisition is Blackstone’s latest effort to purchase commercial property poised to benefit from ...