Cosmopolitan of Las Vegas was sold by Deutsche Bank to Blackstone Real Estate Partners for $1.73 Billion. Since this is still developing I’ll pass on information as it’s
- Blackstone Real Estate Partners also owns Hilton. They also own part of Caesars but they’re not proud enough to mention that on their website.
- Blackstone has advised Station Casinos, Foxwoods and Mohegan Sun on restructuring their businesses.
- Evidently Deutche Bank made a small profit on the sale of Cosmopolitan.
- Cosmopolitan originally cost $3.9 billion.
- 17x cash flow price means that you can expect other Vegas casinos prices to increase.
- CEO, John Unwin, gets $4.5 million because the casino was sold in less than 4 years from opening.
- Blackstone Real Estate Partners Wiki says that they operate(d) the following hotels in addition to Hilton: La Quinta Inns & Suites, Wyndham Worldwide.
- Blackstone stock is down on the news.
- If you’re looking for potential marketing partners Hilton Hotel brands include Waldorf Astoria, Conrad Hotels, DoubleTree, Embassy suites & Hampton Inn
- Mashable has a timely article about 95 years of Hilton branding.
- Quarterly earnings reports just released.
- Blackstone purchased The Hughes Center last year. This is 63 acres of land and buildings near The Venetian.
- Union Gaming Analyst expects an experienced casino operator to take over the Cosmo. This would mean Unwin is gone.
- Fortune takes on how Blackstone can fix Cosmo.
- Remember Denizen Hotels From 2009? Read “New Hilton brand expected to replace Cosmopolitan“
- Considering room revenue the switch from Marriott affiliation to Hilton may not be so easy.
- This deal is pending approval.
I’ll keep updating this list as news comes in. I’m off to get coffee.