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
