September 27, 2021
Blackstone (NYSE: BX) has announced that Blackstone Real Estate Partners VII L.P. has reached an agreement to sell The Cosmopolitan of Las Vegas for more than US$5.65 billion, making the transaction one of the largest single-asset real estate acquisitions in history. Under the agreement, MGM Resorts International intends to acquire The Cosmopolitan’s operating assets and sign a long-term net lease with a venture involving Stonepeak Partners, Cherng Family Trust, and Blackstone Real Estate Income Trust, Inc., which will acquire The Cosmopolitan’s real estate assets.
Latham & Watkins LLP represented Stonepeak Partners in the transaction, with a corporate deal team led by New York partners Michael Haas and Justin Elliott, along with associates Mark Semotiuk, and Karen Ritter. Advice was also provided on tax matters by Los Angeles partners Ana O’Brien and Eric Cho.