Blackstone Real Estate Partners Announces Sale Of Cosmopolitan Of Las Vegas

(RTTNews) - Blackstone (BX) reported that Blackstone Real Estate Partners VII L.P. has reached an agreement to sell The Cosmopolitan of Las Vegas for $5.65 billion. MGM Resorts International plans to acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, Inc, which will acquire The Cosmopolitan's real estate assets.

Blackstone said BREP considered a broad range of potential options for The Cosmopolitan and determined that separating the asset's operations from the underlying real estate would result in an optimal outcome.