In one of the year’s largest asset sales, Deutsche Bank has agreed to sell the Cosmopolitan to Blackstone Real Estate Partners VII for $1.73 billion.
According to Pius Srenger, head of the bank’s non-core operations unit, the deal is part of the company’s Strategy 2015+ which aims to reduce Deutsche’ Bank’s“non-core legacy positions in a capital efficient manner which benefits shareholders.”
For Blackstone, the Cosmopolitan marks the latest addition to a growing portfolio that also includes a stake in Caesars Entertainment, approximately 1,000 homes and the Hughes Center business park.
The Cosmopolitan is a 6.7 million-square-foot, 3000-key resort that extends across 8.7 acres. Also included is a 110,000-square-foot casino, about 300,000 square feet of retail and dining space, a 40,000-square-foot fitness center and spa, a 1,800-seat theater, as well 165,000 square feet of meeting space. The property was designed by the Friedmutter Group with help from Aquitectonica for the exterior design features, while DeSimone Consulting Engineers was responsible for engineering during the construction process.
Image courtesy of fglv.com