LAS VEGAS
Deutsche Bank has agreed in principle to sell the Cosmopolitan in Las Vegas to the Blackstone Group for approximately $1.73 billion.
The luxury resort overlooking the heart of the Vegas Strip is one of the city’s most iconic meeting properties, boasting nearly 3,000 guest rooms and 58 function rooms covering 150,000 square feet of event space.
Under the transaction, Blackstone Real Estate Partners VII will acquire 100% of The Cosmopolitan of Las Vegas for USD 1.73 billion, to be paid in cash. The sale is subject to regulatory approvals.
Deutsche Bank has been in possession of the property since foreclosing on previous owner Bruce Eichner in 2008, though it has never been able to clear a profit with the Cosmopolitan.
The purchase is the first major gaming investment by the Blackstone Group, which holds a massive real estate component that includes numerous office buildings and apartment complexes.
