Private equity firm Blackstone Group will buy the Cosmopolitan of Las Vegas for $1.73 billion, owner Deutsche Bank said in a statement Thursday.
No closing date was disclosed for the transaction, which will be an all-cash deal and is subject to Nevada regulatory approval.
Deutsche Bank has owned the 2,995-room hotel since foreclosing on the property when it was under development in 2008. The Cosmopolitan, which sits on almost nine acres on the Las Vegas Strip, opened in 2010 and is part of Marriott International’s Autograph Collection.
Blackstone continues to shift its investments around the hotel industry. The company acquired Motel 6 in 2012 from Accor for $1.9 billion. Blackstone last December took Hilton Worldwide public for $2.35 billion and last month took La Quinta Inns & Suites public for $650.3 million.
Blackstone was also part of a group that took Extended Stay America public last October for $682 million.
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