{"id":1004097007,"date":"2014-05-21T11:59:37","date_gmt":"2014-05-21T19:59:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=263819"},"modified":"2022-12-09T01:07:32","modified_gmt":"2022-12-09T09:07:32","slug":"blackstone-acquires-the-cosmopolitan-from-deutsche-bank-in-1-7-billion-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-acquires-the-cosmopolitan-from-deutsche-bank-in-1-7-billion-deal\/","title":{"rendered":"Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

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.<\/p>\n

\"\"<\/a><\/p>\n

\u00a0A<\/span>ccording to Pius Srenger, head of \u00a0the bank\u2019s non-core operations unit, \u00a0the deal is part of the company\u2019s Strategy 2015+ which aims to reduce Deutsche\u2019 Bank’s\u201cnon-core legacy positions in a capital efficient manner which benefits shareholders.”<\/p>\n

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.<\/p>\n

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. \u00a0<\/span><\/p>\n

Image courtesy of fglv.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. Buyer Blackstone Real Estate Partners VII is set to acquire the owning entity of The Cosmopolitan, Nevada Property 1 LLC for a fee of $1.73 billion. As per the terms of the deal, the Blackstone subsidiary will now own 100 percent of the hospitality facility.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[1815],"class_list":["post-1004097007","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest","tag-national"],"acf":[],"yoast_head":"\nBlackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-acquires-the-cosmopolitan-from-deutsche-bank-in-1-7-billion-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Acquires The Cosmopolitan from Deutsche Bank in $1.7 Billion Deal\" \/>\n<meta property=\"og:description\" content=\"In one of the largest deals recorded this year in commercial real estate, Deutsche Bank recently announced that it had reached an agreement for the sale of The Cosmopolitan of Las Vegas, one of the most high-profile hotel & casino properties in the city. 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