The Cosmopolitan opened 10 years ago in Las Vegas. Under the stewardship of president and CEO Bill McBeath, this distinctive brand has become one of Sin City’s hottest hotels, attracting celebrities from Jay-Z and Beyoncé to Gwyneth Paltrow, John Mayer, Jennifer Lopez and Florence Welch. From boasting 21 luxury suites overlooking the Strip to three restaurants from the Momofuku empire (the new Bāng Bar by Momofuku, Milk Bar and Momofuku) to a 10,000-square-foot awe-inspiring crystal chandelier that hangs in the lobby, the luxury resort has a lot to offer its visitors.
Monday September 27, it was announced that Blackstone is selling the Cosmopolitan for $5.65 billion, nearly $4 billion more than its purchase price. As part of the deal, MGM Resorts International will acquire the Cosmopolitan’s operations side for more than $1.6 billion, while several entities, including Blackstone, will own the real estate and collect rent from the new operator. “Over the past few years, we have built an incredible brand and company culture at The Cosmopolitan of Las Vegas, predicated on being a leader in the market and an innovator within our industry,” says McBeath. “From day one, it has always been about the brand and brand experience focused on both our employees and our guests. What we have created has left an imprint on our industry. I look forward to seeing MGM continue The Cosmopolitan’s incredible legacy and journey of being a fiercely independent resort, that’s sole mission has been to create a world-class, luxury hospitality experience.”
MGM Resorts president and CEO Bill Hornbuckle clearly agrees: “The Cosmopolitan brand is recognized around the world for its unique customer base and high-quality product and experiences, making it an ideal fit with our portfolio and furthering our vision to be the world’s premier gaming entertainment company.”