Cosmopolitan Sold To Blackstone!
After a long time on the market, The Cosmopolitan has been sold by Deutsche Bank to Blackstone for $1.73 billion... in cash!
Reuters reports "the lender made a small profit from the sale." Deutsche took ownership of the Cosmo after foreclosing on developer Bruce Eichner back in 2008 and has been trying to get rid of it (for the right price) ever since. The New York Times says The Cosmopolitan has never turned a profit.
The Cosmopolitan was purchased by a division of Blackstone, Blackstone Real Estate Partners VII. You may not be familiar with the Blackstone name, but you are familiar with the major hospitality brand already in its portfolio, Hilton.