Blackstone recently hosted its sixth hospitality sustainability Summit, the Blackstone Summit on Water Efficiency and the California Drought, to empower its companies and other industry leaders to take action to address the “Drought State of Emergency” in California.
In California, decreased supply is significantly increasing water costs in many cities. Water authorities are imposing water restrictions and steep fines for lack of compliance. More broadly, U.S. water costs have been rising by 9-10% each year on average. Leveraging the firm’s scale and our best in class provider to support water efficiency at Blackstone-owned properties, the firm is achieving cost savings of between 10-25% on water across over 200 hospitality assets.
“It isn’t every day that we can do our part to address a major crisis – the California drought, in this case – while simultaneously improving guest experience and reducing costs,” said Blackstone Chief Sustainability Officer Don Anderson.
Blackstone portfolio companies and other hospitality companies attended the summit, including Hilton, G6 Hospitality, BRE Select, Extended Stay America, La Quinta, Marriott, Starwood, and LivCor, representing over 1,000 hotels and 125,000 rooms in California. To date, these efforts have driven annual savings of over $2 million at 200 Blackstone properties across 29 states in water consumption costs alone.