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Blackstone sells Las Vegas Hotel Cosmopolitan for $ 5.65 billion | WGN 720 radio

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File – This file photo from December 7, 2010 shows the casinos and luxury hotels of the Cosmopolitan of Las Vegas. The casino giant MGM Resorts International announced Monday, September 27, 2021 that it would pay $ 1.6 billion on a 30-year contract to acquire the activity of the Cosmopolitan Las Vegas Resort on the Las Vegas Strip. (AP Photo / Isaac Brekken, file)

Las Vegas (AP) – Las Vegas Cosmopolitan owner Blackstone, a New York-based private equity firm, owns 3,000 rooms in Las Vegas in a $ 5.65 billion deal with a partnership providing an agreement with the casino giant MGM Resort. International to operate properties that sell strip hotels.

New owner – The Churn Family Trust, run by Panda Express billionaires Andrew and Peggychen. Stonepeak Partners real estate investment company; Blackstone said Monday that real estate fund Blackstone Real Estate Income Trust Inc. would pay more than $ 4 billion to acquire real estate. MGM Resorts will pay $ 1.6 billion to take over the operation of the hotel.

Blackstone said about 3,000 employees have an agreement with the union to continue working.

The transaction requires regulatory approval and is expected to close in the first half of 2022.

The Cosmopolitan has a casino, a renowned nightclub, several restaurants and a swimming pool on the 4th floor overlooking Las Vegas Boulevard. Opened in 2010 at a cost of around $ 4 billion, it is located between MGM Resorts Bellagio and the CityCenter project, which includes Aria Resorts & Casino and Vdara Hotel & Spa.

Blackstone said it bought from Deutsche Bank in 2014 for around $ 1.7 billion and invested around $ 500 million in the renovation on Monday.

The coronavirus pandemic from mid-March to early June 2020 shut down the establishment, like all other casinos in Nevada.

MGM Resorts, the Strip’s primary presence, operates the resort. We already have 13 facilities on Las Vegas Boulevard, including MGM Grand, Mandalay Bay, Delano Las Vegas, New York-New York, T-Mobile Arena and Park Retail Promenade.

MGM Resorts executives called Cosmopolitan a good partner for other companies’ properties and said the deal is expected to boost hotel growth.

Blackstone sells Las Vegas Hotel Cosmopolitan for $ 5.65 billion | WGN 720 radio

Source Link Blackstone Sells Las Vegas Hotel Cosmopolitan for $ 5.65 Billion | WGN 720 radio

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