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 decimated disseminated.
- 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.
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Las Vegas Writer, Marketer, Consultant. I love Vegas and everything about it. When in Vegas do 3 things: eat, drink & gamble.
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I think you mean disseminated, not decimated.
LOL! Thank you Justine. I was in a rush and just approved any spelling error spellcheck found. Fixed!
I knew my latest offers from Cosmo were too good to be true.
Cash em in quick!
Researching other casinos they’ve advised as I write this. 🙂
Any word on how long they’ll honor Marriott Rewards since the new owner is tied to Hilton?
I’m pretty sure they’ll accept Marriott for the next few months while the sale gets approved. Everyone I talk to assumes it will switch to Hilton once there’s a new staff in place.
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