Blackstone Claims Most Profitable Asset Sale With $5.6 Billion Cosmopolitan Deal
Photo Credit: The Cosmopolitan of Las Vegas could land Blackstone its highest real estate profit in firm history. Wikimedia / Allen McGregor
Skift Take
This record-breaking profit on the Cosmopolitan of Las Vegas proves Sin City continues to be Blackstone’s playground for dealmaking.
Investment group Blackstone notched a massive windfall on a casino resort in the heart of the Las Vegas Strip.
Blackstone inked a deal to sell its Cosmopolitan of Las Vegas resort for $5.65 billion, a roughly 3,000-room property the company bought in 2014 for $1.7 billion. The company has since spent $500 million in upgrading the facility.
The buyer consortium includes Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust. MGM Resorts International, which Blackstone has several operating agreements with in Las Vegas, intends to sign a $1.625 billion operations agreement for the property
