Blackstone completes sale of The Cosmopolitan of Las Vegas
Blackstone has announced that Blackstone Real Estate Partners VII L.P. has completed the previously announced sale of The Cosmopolitan of Las Vegas for $5.65 billion.
Pursuant to the sale, MGM Resorts International acquired the operations of The Cosmopolitan and signed a long-term net lease with a partnership between Stonepeak, Cherng Family Trust, and Blackstone Real Estate Income Trust, Inc. (“BREIT”), which acquired The Cosmopolitan’s real estate assets.
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $298 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $48.5 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The firm provides capital, operational support, and committed partnership to sustainably grow investments in its target sectors, which include real estate, communications, energy transition, transport and logistics, and social infrastructure. Stonepeak is headquartered in New York with offices in Austin, Hong Kong, Houston, London and Sydney. For more information, please visit www.stonepeak.com.
Founded in 2005, the Cherng Family Trust is a dynamic, single family office organization accountable for the administration, finances, investments, and charitable initiatives of Andrew & Peggy Cherng and their family. With a team of associates, the Cherng Family Trust strives to further the development and growth of its family members, its associates, its investment partners, as well as the local communities with which it is engaged.