Blackstone Real Estate Partners VII (BREP) has sold The Cosmopolitan of Las Vegas for $5.65 billion to a consortium that includes the Blackstone Real Estate Income Trust.
MGM Resorts International intends to sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, which will acquire The Cosmopolitan’s real estate assets.
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, officials said . . .
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