Showing posts with label UNITE. Show all posts
Showing posts with label UNITE. Show all posts

MOSERS' Relationship With Blackstone

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What is your response to the "Blackstone" issues?
We have recently been contacted by active MOSERS members who received an email from the Hotel Employees and Restaurant Employees International Union (UNITE-HERE). At issue is an escalating labor dispute presently taking place between Hilton Hotels Worldwide, a company in which Blackstone owns a controlling interest, and UNITE-HERE union members. Negotiations between the union and Hilton have been going on for more than a year in various locations. 
The email from UNITE-HERE that was sent to Missouri state employees included a link for generating an e-mail form letter to MOSERS’ questioning the system’s relationship with Blackstone. Blackstone is a large investment company that has both publicly traded stock and private investment relationships. MOSERS does not own any of Blackstone’s publicly traded stock; we are, however, one of many investors in some of Blackstone’s private real estate funds. 
MOSERS has invested in Blackstone Real Estate Funds because of their track record of generating strong investment returns for their limited partners. Hilton is one of many real estate investments Blackstone has made on behalf of their limited partners over the years. Blackstone’s real estate funds have consistently outperformed the stock markets and are an important diversifier in the MOSERS portfolio. 
What is of paramount importance to MOSERS is the security of your retirement benefits. Strong investment results and sound business practices are critical elements in achieving this security. It has been our experience, since first partnering with Blackstone in 2002, that they possess both of the critical elements for a successful long-term relationship. Contract negotiations are never easy, yet ultimately it is our expectation that a compromise will be reached and all parties involved will be well served. 
Some of our members have asked us how UNITE-HERE acquired their email addresses and how UNITE-HERE is even aware they are members of MOSERS. At this point, we do not know. MOSERS did not provide member names or email addresses or any other contact information to UNITE-HERE.
We requested Blackstone’s perspective on the issues that were raised as concerns in the e-mail message MOSERS’ members received from UNITE-HERE. Those concerns and Blackstone’s response can be found here.
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