The Oklahoman

Blackstone selling Vegas hotel Cosmopolit­an in $5.65B deal


The owner of the Cosmopolit­an of Las Vegas, the New York private equity firm Blackstone, is selling the 3,000room Las Vegas Strip hotel in a $5.65 billion deal with a partnershi­p that plans to contract with casino giant MGM Resorts Internatio­nal to operate the property.

The new owners – the Cherng Family Trust, headed by Panda Express billionair­es Andrew and Peggy Cherng; real estate investment firm Stonepeak Partners; and a Blackstone real estate fund, Real Estate Income Trust Inc. – will pay more than $4 billion to acquire the property, Blackstone said Monday. MGM Resorts will pay $1.6 billion to take over the hotel’s operations.

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