Disposal of Las Vegas resort to MGM International and a property consortium completes turnround
Blackstone has agreed to sell The Cosmopolitan in Las Vegas for $5.7bn, completing a turnround at a resort that had been blighted by losses and labour disputes before Stephen Schwarzman’s private equity firm took ownership seven years ago.
MGM Resorts International is paying $1.6bn to take over operations of the 3,000-room hotel overlooking the Las Vegas Strip, which incorporates a nightclub, a casino, and more than two dozen bars and restaurants.
In a simultaneous deal, the high-rise complex itself will be acquired by a trio of investors comprising Stonepeak Infrastructure Partners, a vehicle controlled by the family of Panda Express founder Andrew Cherng, and one of Blackstone’s own real estate funds.
Read more/Source: FT
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.