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4/17, 5:18 PM (Source: TeleTrader)
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Blackstone considering sale of Las Vegas Cosmopolitan - report

Blackstone Group LP is exploring the sale of its Cosmopolitan hotel and casino in Las Vegas, the Wall Street Journal reported on Wednesday.

According to the article, Deutsche Bank AG and PJT Partners Inc. have been hired as consultants and are exploring strategic alternatives for the property which is located on the Las Vegas Strip.

The sale could allegedly bring at least $4 billion to Blackstone, almost double the amount the private equity giant put into the property, which bought it for $1.7 billion in 2014 and spent $500 million more on renovations.

Breaking the News / MD