- Simpson Thacher advises longstanding clients Blackstone
- Weil directs repeat clients MGM
- Latham, Sklar Kirsh advise other buyers
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(Reuters) – Four law firms, including Simpson Thacher & Bartlett and Weil Gotshal & Manges, said they would lead Blackstone Inc’s deal to sell The Cosmopolitan of Las Vegas resort and casino for $ 5.65 billion.
As part of the agreement announced on Monday, Blackstone will build on its relationship with MGM Resorts International, which will operate the resort for more than $ 1.62 billion, according to separate news releases.
MGM will also enter into a long-term lease agreement between Stonepeak Infrastructure Partners, Cherng Family Trust and Blackstone Real Estate Income Trust Inc. as part of the transaction. The trio acquires The Cosmopolitan real estate assets.
Blackstone’s longtime advisor Simpson Thacher advises Blackstone Real Estate Partners VII LP, the fund that owns the assets. The firm’s team is led by real estate partners Gregory Ressa, Erik Quarfordt, Anthony King and Danielle Jackson.
Ressa and Quarfordt previously represented Blackstone in the $ 3.89 billion acquisition of Aria Resort and Casino and Vdara Hotel and Spa in Las Vegas from MGM. As part of this transaction, MGM announced in July that it would lease back both properties that are part of the CityCenter Holdings complex.
Weil, an advisor to MGM on the CityCenter transactions, has returned to advise the company on The Cosmopolitan Deal.
The Weil lawyers are led by Mergers & Acquisitions partner Michael Aiello. The team also includes M&A partner Sachin Kohli; Real estate partners Michael Bond and Nellie Camerik; as well as real estate consultants Jannelle Seales and Robert Shmalo.
The investment firm Stonepeak hired a Latham & Watkins team led by real estate partners Michael Haas and Justin Elliott to advise on the transaction. Latham’s tax partners Ana O’Brien and Eric Cho also provide legal advice.
Sklar Kirsh’s real estate partners, Andrew Kirsh and Peter Fischer, run the Cherng Family Trust, which manages the finances of Panda Express founders Andrew & Peggy Cherng and their family.
The transactions are expected to close in early 2022.
The financial advisers to the Blackstone Fund are Deutsche Bank Securities Inc and PJT Partners.
Blackstone is selling The Cosmopolitan Resort and Casino for $ 5.65 billion
Because, Simpson Thacher and Paul Hastings are working on MGM Resorts’ CityCenter deal