Blackstone’s Unit to Sell The Cosmopolitan of Las Vegas for $5.65B

Blackstone’s (BX) Blackstone Real Estate Partners VII L.P. (BREP) is selling The Cosmopolitan of Las Vegas to MGM Resorts International. The company has inked a $5.65 billion deal for the Read More... The post Blackstone’s Unit to Sell The Cosmopolitan of Las Vegas for $5.65B appeared first on TipRanks Financial Blog.

Blackstone’s Unit to Sell The Cosmopolitan of Las Vegas for $5.65B

Blackstone’s () Blackstone Real Estate Partners VII L.P. (BREP) is selling The Cosmopolitan of Las Vegas to MGM Resorts International. The company has inked a $5.65 billion deal for the resort. The transaction is expected to close early next year, subject to regulatory approvals. BX shares fell 1.41% to close at $123.34 on Monday.

The Blackstone is an asset management company, which specializes in real estate. It owns commercial real estate globally.

In addition to acquiring the resort’s operations, MGM Resorts International has also inked a long-term lease agreement with a consortium led by Cherng Family Trust in partnership with Stonepeak Partners and Blackstone Real Estate Income Trust, Inc. The trio will acquire The Cosmopolitan’s real estate assets.

Additionally, Blackstone has secured 3,000 stable jobs for professionals who will continue to serve guests of the hotel. (See Blackstone stock charts on TipRanks)

“This transaction underscores Blackstone’s ability to acquire and transform large, complex assets,” said, Tyler Henritze, the Head of Acquisitions Americas at Blackstone Real Estate.

Recently UBS analyst Adam Beatty reiterated a Buy rating on the stock and increased the price target to $135 from $110, implying 9.5% upside potential.

Consensus among analysts is a Strong Buy based on 6 Buys and 2 Holds. The average Blackstone price target of $119.64 implies 3% downside potential to current levels.

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The post Blackstone’s Unit to Sell The Cosmopolitan of Las Vegas for $5.65B appeared first on TipRanks Financial Blog.

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Amazon to Offer Business Insurance in U.K. — Report

Business insurance broker Superscript has said that Amazon (AMZN) plans to offer insurance to small and medium-sized businesses in the U.K., according to a report by Reuters. The company will Read More... The post Amazon to Offer Business Insurance in U.K. — Report appeared first on TipRanks Financial Blog.

Amazon to Offer Business Insurance in U.K. — Report

Business insurance broker Superscript has said that Amazon (AMZN) plans to offer insurance to small and medium-sized businesses in the U.K., according to a report by Reuters. The company will be offering business insurance in the country for the first time.

Superscript will provide insurance covers like professional indemnity insurance, cyber insurance and contents insurance to members of Amazon's Business Prime program. A spokesperson of Superscript said that “major U.K. insurers” will underwrite these covers.

Furthermore, in a bid to attract businesses, the insurance covers will be offered at a 20% discount. (See Amazon stock chart on TipRanks)

The Country Manager for Amazon Business U.K. & Ireland, Molly Dobson, said, “As businesses come out of the pandemic and gradually resume normalcy, we want customers to have the best-in-class tools to run their business.”

The CEO of Superscript, Cameron Shearer, said, “The (insurance) industry needs to bridge the divide between insurers and customers by providing a quick, smooth buying process that is customer-centric.”

Amazon’s entry into the U.K. business insurance segment follows U.S. insurtech Next Insurance’s announcement in March that it is offering insurance cover to small businesses in the country via Amazon Business Prime.

Amazon already offers “buy now, pay later” services and warranty insurance in Britain.

On September 13, Bank of America (BAC) analyst Justin Post reiterated a Buy rating on the stock with a price target of $4,250 (24.8% upside potential).

The analyst said, “The ability for SMB merchants to capture direct Online sales, off of marketplaces, is a long-term potential threat to Amazon, so we expect Amazon to offer a feature-rich product with deep integration with Amazon’s marketplace, fulfillment, checkout, and payments processing capabilities (with a possible discount on payments processing).”

“We expect some entrenched resistance to Amazon services due to competitive concerns, but the opportunity is big and Amazon’s existing customer relationships provide a foundation to help build adoption,” Post added.

Overall, the stock has a Strong Buy consensus rating based on 31 unanimous Buys. The average Amazon price target of $4,214.47 implies 23.7% upside potential. Shares have gained nearly 10.7% over the past six months.

According to TipRanks’ Smart Score rating system, Amazon scores a “Perfect 10,” suggesting that the stock is likely to outperform market averages.

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The post Amazon to Offer Business Insurance in U.K. — Report appeared first on TipRanks Financial Blog.

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