Blackstone Inc. is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, a property purchased almost four years ago for $4.25 billion.
(Bloomberg) — Blackstone Inc. is fielding offers for half of its interest in the real estate of the Bellagio hotel in Las Vegas, a property purchased almost four years ago for $4.25 billion.
The New York-based investment firm is considering its options and hasn’t committed to a sale, according to people with knowledge of the matter who asked not to be identified because the deliberations are private.
Blackstone has been looking to cash out on some of its real estate positions. On Monday, the company announced plans to sell warehouses and industrial properties to Prologis Inc. for $3.1 billion.
Bellagio, one of the top performing resorts on the city’s famous Strip, is operated under a long-term lease by MGM Resorts International, its original owner. Traffic to Las Vegas hotels has remained strong even as other real estate sectors, such as malls and office space, have weakened.
Representatives of Blackstone and MGM declined to comment.
Blackstone sold the Cosmopolitan hotel in Las Vegas in 2021 and agreed in December 2022 to sell its half interest in the MGM Grand and Mandalay Bay resorts to partner Vici Properties Inc.Â
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