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Blackstone Real Estate Partners Announces Sale Of Cosmopolitan Of Las Vegas

Blackstone (BX) reported that Blackstone Real Estate Partners VII L.P. has reached an agreement to sell The Cosmopolitan of Las Vegas for $5.65 billion. MGM Resorts International plans to acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, Stonepeak Partners and Blackstone Real Estate Income Trust, Inc, which will acquire The Cosmopolitan's real estate assets.

Blackstone said 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.

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