Blackstone Inc. (BX) is a U.S.-based alternative investment management company operating in the real estate market.
And the company’s subsidiary, Blackstone Real Estate Partners, recently agreed to its largest ever sale…
In late September, the company announced that it made a deal to sell its Cosmopolitan hotel and casino in Las Vegas to several buyers, including Stonepeak Partners And MGM Resorts (MGM).
The sale is valued at $5.64 billion, bringing Blackstone’s total profit to $3.34 billion, as the company had purchased it for $1.8 billion – and had spent an additional $500 million renovating it.
This may signal that while the commercial real estate market was among the hardest hit sectors following the emergence of COVID-19, the industry is bouncing back.
Because of this, many businesses are buying up space to then refurbish and resell. They’re also doing this to capitalize on rising economic activity, as many offices, retail locations, hotels, and resorts are seeing an increase in customer foot traffic.
As this trend continues, many of Blackstone’s real estate holdings should receive a boost, benefiting investors with its 3% dividend yield in the process.
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