Blackstone to Sell The Cosmopolitan of Las Vegas for $5.65 Billion
September 27 2021 - 9:05AM
Dow Jones News
By Michael Dabaie
Blackstone Inc. said Monday that Blackstone Real Estate Partners
VII L.P. agreed to sell The Cosmopolitan of Las Vegas for $5.65
billion.
The Wall Street Journal had earlier reported that Blackstone
agreed to the sale.
Blackstone said it considered a broad range of potential options
for The Cosmopolitan and determined that separating the asset's
operations from the underlying real estate would result in an
optimal outcome.
Under the agreement, MGM Resorts International plans to acquire
the operations of The Cosmopolitan and sign a long-term net lease
with a partnership between Cherng Family Trust, Stonepeak Partners
and Blackstone Real Estate Income Trust Inc., which will acquire
The Cosmopolitan's real estate assets, Blackstone said in a
release.
The transaction is expected to close in early 2022, the company
said.
Blackstone said it acquired The Cosmopolitan in 2014. Blackstone
said it implemented significant operational changes and invested
more than $500 million into the property.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
September 27, 2021 08:50 ET (12:50 GMT)
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