Blackstone sells Las Vegas hotel for $5.65b

Blackstone Real Estate Partners VII, a fund managed by Blackstone, has reached an agreement to sell The Cosmopolitan of Las Vegas for $5.65 billion.

Under the agreement, MGM Resorts International intends 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. (BREIT), which will acquire The Cosmopolitan’s real estate assets.

“Stonepeak, in partnership with the Cherng Family Trust, believes this transaction represents a fantastic opportunity to invest in the underlying real estate of The Cosmopolitan of Las Vegas, a solid asset with an irreplaceable location, durable cash flows and the potential for additional upside,” said Phill Solomond, Head of Real Estate at Stonepeak.

Since acquiring The Cosmopolitan in 2014, Blackstone, alongside a best-in-class management team, transformed the resort into the leading destination on the