(Reuters) -Blackstone Inc said on Monday it would sell its The Cosmopolitan of Las Vegas resort and casino for $5.65 billion.
MGM Resorts International, NYSE:) International, would purchase The Cosmopolitan operations for $1.63billion.
MGM Resorts (NYSE:] International) would enter into long-term lease agreements with Stonepeak Partners, Cherng Family Trust, and Blackstone Real Estate Income Trust Inc. The partnership will purchase The Cosmopolitan’s property assets.
Blackstone, which had purchased the property in 2014 at a cost of $1.7billion, spent approximately $500m on improvements including renovations to nearly 3,000 guestrooms and new bars and restaurants.
According to the company, The Cosmopolitan has performed better than ever in recent quarters. Its performance was higher than pre-pandemic levels during this second quarter.
It is anticipated that the deal will close by 2022’s first-half.
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