Sklar Kirsh Secures Historic Agreement to Sell The Cosmopolitan of Las Vegas

LOS ANGELES, Sept. 28, 2021 /PRNewswire/ -- Top boutique law firm Sklar Kirsh LLP announced today that its client has agreed to acquire the luxury destination hotel The Cosmopolitan of Las Vegas in a historic $5.65 billion deal.

Firm Partners Andrew T. Kirsh and Peter R. Fischer led the firm's representation of the Cherng Family Trust and Kevin Yee of The Waban Group, in their joint ventures with Stonepeak Partners and Blackstone to acquire the premier casino-resort located in the heart of the Las Vegas strip.

Kirsh, co-chairman and founding partner of Sklar Kirsh, said their client sought to capitalize on the tremendous opportunity as quickly as possible. It is believed that the $5.65 billion acquisition will be the largest single asset deal in history, and given negotiations opened only a week and a half ago, Kirsh noted it is ironically one of the quickest as well.

"The deal is truly noteworthy not just based on the size of the acquisition, but the speed with which it was accomplished," Kirsh said. "It's been a little more than a week since our client was presented the opportunity to purchase the hotel, and for me, Peter and our team, it's been non-stop, day-and-night negotiations and agreement preparation since then. We're pleased our client along with its partners can now start to move forward on their very ambitious plans."

The sale was negotiated with Blackstone, which implemented significant operational changes and investments of $500 million to enhance the property since its 2014 acquisition. According to Blackstone, The Cosmopolitan's recent performance has been stronger than ever, enhancing pre-COVID levels in the second quarter of 2021.

Kirsh said under the agreement, MGM Resorts International would acquire the hotel's operations, with intent to sign a long term lease with the new ownership. The transaction is expected to close in early 2022, subject to regulatory approvals and other customary closing conditions.

Sklar Kirsh LLP is a boutique law firm that provides sophisticated and expert advice in the areas of corporate, real estate, bankruptcy and entertainment law as well as commercial, real estate and entertainment litigation. For more information, visit www.SklarKirsh.com

SOURCE Sklar Kirsh LLP