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

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

Las Vegas (AP) — Las Vegas Cosmopolitan owner Blackstone, a private equity firm in New York, has 3,000 rooms in Las Vegas in a $ 5.65 billion deal with a partnership planning a deal with casino giant MGM Resort. International to operate properties that sell strip hotels.

New Owner — The Churn Family Trust, led by Panda Express billionaires Andrew and Peggychen. Real Estate Investment Company Stonepeak Partners; Blackstone said Monday that Blackstone real estate fund Real Estate Income Trust Inc. will 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.

Cosmopolitan has a casino, marquee night club, several restaurants and a swimming pool on the 4th floor overlooking Las Vegas Boulevard. Opened in 2010 at a cost of approximately $ 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 about $ 1.7 billion and invested about $ 500 million in refurbishment on Monday.

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

MGM Resorts, the main presence of the Strip, operates the Hotel Complex. We already own 13 Las Vegas Boulevard facilities, 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 match for properties from other companies and said the deal should drive hotel growth.

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

Source link Blackstone sells Las Vegas Hotel Cosmopolitan for $ 5.65 billion | WGN Radio 720

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