Updated 9/29/2021 with information from Marriott International
MGM Resorts International has struck a deal to acquire the operations of the 3,032-room Cosmopolitan of Las Vegas for $1.625 billion. The edgy luxury resort is next to MGM's CityCenter complex on the Las Vegas Strip, which includes the gaming company's Aria and Vdara properties.
Once the deal closes, MGM will enter into a 30-year agreement, with renewal options, to lease the property from a partnership of Stonepeak Partners, the Cherng Family Trust and the Blackstone Real Estate Income trust, which together will acquire the Cosmopolitan's real estate assets for about $4.025 billion.
"We are proud to add the Cosmopolitan to our portfolio," said MGM Resorts CEO and president Bill Hornbuckle. "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. We look forward to welcoming the Cosmopolitan's guests and employees to the MGM Resorts family."
The property, which debuted in December 2010, was acquired by Blackstone in 2014. The rooms, most of which provide a terrace that overlooks the Strip, were renovated in December 2018. The resort offers 243,000 square feet of meeting space, the 3,200-seat Chelsea theater, 26 food-and-beverage outlets, a 40,000-square-foot spa and fitness facility, a 110,000-square-foot casino, a nightclub, a dayclub and retail space.
MGM officials expect the deal to close in the first half of 2022, subject to approvals and customary conditions.
The Cosmopolitan is currently a part of Marriott's Autograph Collection and participates in Marriott's Bonvoy loyalty program. Marriott is working closely with the hotel's current and future ownership teams to determine next steps, according to a Marriott spokesperson, and will communicate with customers and Bonvoy members as more information becomes available. At this point all procedures and bookings related to the Cosmopolitan's affiliation with Autograph Collection remain unchanged.