BREIT / Stonepeak / Cherng Family Trust
Three-party consortium that owns the Cosmopolitan dirt
The land underneath The Cosmopolitan is owned by a three-party consortium: Blackstone Real Estate Income Trust (BREIT), Stonepeak Partners, and the Cherng Family Trust (Panda Express founders). The consortium paid ~$4B for the real estate when MGM Resorts acquired the Cosmopolitan's operations from Blackstone in May 2022 for $1.625B. MGM pays approximately $200M/year in rent.
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Categories: Real-estate / REITs