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Blackstone to sell The Cosmopolitan resort and casino for $5.65 billion By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO : Blackstone Group’s ticker and trading data are shown at the spot where the stock is traded on April 4th, 2016. REUTERS/Brendan McDermid/File Photo

(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.

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It is anticipated that the deal will close by 2022’s first-half.

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