Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion (updated)

Cosmopolitan International Holdings

27/09/2021 14:07

(Adds detail on the deal, background)
    Sept 27 (Reuters) - Blackstone Inc  BX.N  said on Monday it
would sell its The Cosmopolitan of Las Vegas resort and casino
for $5.65 billion.
    As part of the deal, MGM Resorts International  MGM.N  would
buy the operations of The Cosmopolitan for $1.63 billion.
    MGM would also enter into a long-term lease agreement with a
partnership among Stonepeak Partners, Cherng Family Trust and
Blackstone Real Estate Income Trust Inc, which will acquire The
Cosmopolitan's real estate assets. 
    Blackstone had acquired the property for about $1.7 billion
in 2014 and spent $500 million on upgrades, including renovating
nearly 3,000 guest rooms and adding new restaurants and bars.
    It said The Cosmopolitan's recent performance has been
stronger than ever, exceeding pre-pandemic levels in the second
quarter of this year.
    The deal is expected to close in the first half of 2022.

 (Reporting by Kannaki Deka and Praveen Paramasivam in
Bengaluru; Editing by Anil D'Silva and Uttaresh.V)
 ((Praveen.Paramasivam@thomsonreuters.com;))