Blackstone to Sell Cosmopolitan in Vegas for $5.65 Billion (2)

Blackstone Inc. has reached a deal to sell the Cosmopolitan casino and hotel on the Las Vegas Strip for $5.65 billion.

The deal will separate the property from the operations of the hotel, according to a statement Monday.

The Cosmopolitan, which opened in 2010, ran into financial trouble during its construction in the midst of the Great Recession. Owner Deutsche Bank AG, which built the property for $3.9 billion, sold it to Blackstone in 2014 for $1.73 billion. The asset manager spent $500 million on upgrades, it said the statement.

Read more: Blackstone Said to Offer Cosmopolitan for $5 Billion ...