Blackstone selling Vegas hotel Cosmopolitan in $5.65B deal
ABC News
The owner of The Cosmopolitan of Las Vegas is selling the 3,000-room Las Vegas Strip hotel in a $5.65 billion deal
LAS VEGAS -- The owner of the Cosmopolitan of Las Vegas, the New York private equity firm Blackstone, is selling the 3,000-room 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.
Blackstone said it has agreements with unions for about 3,000 employees to keep their jobs.
The transaction needs regulatory approval and is projected to close in the first half of 2022.
