Blackstone selling Vegas hotel Cosmopolitan in $5.65B deal
The owner of the Cosmopolitan of Las Vegas, the New York private equity firm 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 firm 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.