Stonepeak Partners’ US$5.65 Billion Acquisition of The Cosmopolitan of Las Vegas

Latham & Watkins represented Stonepeak Partners in the transaction.
Simpson Thacher advised Blackstone Real Estate Partners VII on the transaction.

Blackstone (NYSE: BX) has announced that Blackstone Real Estate Partners VII L.P. has reached an agreement to sell The Cosmopolitan of Las Vegas for more than US$5.65 billion, making the transaction one of the largest single-asset real estate acquisitions in history. Under the agreement, MGM Resorts International intends to acquire The Cosmopolitan’s operating assets and sign a long-term net lease with a venture involving Stonepeak Partners, Cherng Family Trust, and Blackstone Real Estate Income Trust, Inc., which will acquire The Cosmopolitan’s real estate assets.

Latham & Watkins represented Stonepeak Partners in the transaction, with a corporate deal team led by New York partners Michael Haas (Picture) and Justin Elliott, along with associates Mark Semotiuk, and Karen Ritter. Advice was also provided on tax matters by Los Angeles partners Ana O’Brien and Eric Cho. 

The Simpson Thacher team included Gregory Ressa, Anthony King, Erik Quarfordt, Danielle Jackson, Jason Mohr, Brittany Baclawski, Gianna Ceophas and Kristen Lucas (Real Estate); Heesu Kim (M&A); Nancy Mehlman, Tyler Robbins and Lina Pan (Tax); Lori Lesser (Intellectual Property); Gregory Grogan and Laura Gallo (Executive Compensation and Employee Benefits); Peter Guryan, Kelly Karapetyan and Andrew Jensen (Antitrust); David Caldwell, Michael Carnevale and Daniel Levine (Regulatory); and Adeeb Fadil and Noreen Lavan (Environmental).

Involved fees earner: Eric Cho – Latham & Watkins; Justin Elliott – Latham & Watkins; Michael Haas – Latham & Watkins; Ana O’Brien – Latham & Watkins; Karen Ritter – Latham & Watkins; Mark Semotiuk – Latham & Watkins; Brittany Baclawski – Simpson Thacher & Bartlett; David Caldwell – Simpson Thacher & Bartlett; Michael Carnevale – Simpson Thacher & Bartlett; Gianna Ceophas – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Laura Gallo – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Danielle Jackson – Simpson Thacher & Bartlett; Andrew Jensen – Simpson Thacher & Bartlett; Kelly Karapetyan – Simpson Thacher & Bartlett; Heesu Kim – Simpson Thacher & Bartlett; Anthony King – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Daniel Levine – Simpson Thacher & Bartlett; Kristen Lucas – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Jason Mohr – Simpson Thacher & Bartlett; Lina Pan – Simpson Thacher & Bartlett; Erik Quarfordt – Simpson Thacher & Bartlett; Gregory Ressa – Simpson Thacher & Bartlett; Tyler Robbins – Simpson Thacher & Bartlett;

Law Firms: Latham & Watkins; Simpson Thacher & Bartlett;

Clients: Blackstone Real Estate Partners;