Blackstone has announced the sale of its property The Cosmopolitan of Las Vegas for $ 5.65 billion, a transaction that is expected to conclude in early 2022.
As we anticipated in a recent publication, Blackstone was looking to sell its iconic Cosmopolitan of Las Vegas property, luxury resort and casino in the heart of the Las Vegas Strip, for more than $ 5 billion, much more than the $ 1.7 billion that initially paid in 2014.
Blackstone has highlighted that since acquiring the property it implemented significant operational changes and invested over $ 500 million into the property to renovate nearly 3,000 guest rooms, build 67 new rooms and suites, enhance the food and beverage offerings and dramatically improve the gaming amenities and common. areas.
Blackstone also reached agreements with unions on the property and secured approximately 3,000 stable jobs for professionals who will continue to serve hotel guests.
Tyler Henritze, Director of Acquisitions for America at Blackstone Real Estate, highlights that The Cosmopolitan of Las Vegas is another proof of the company's ability to acquire and transform large and complex assets. In this regard, he underlines that the team executed "flawlessly executed an ambitious business plan, including navigating a challenging period for the entire industry, to position the property for such a high level of success".
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 to acquire the real estate assets of The Cosmopolitan.
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