Deals
Blackstone’s Bellagio Deal Values Luxury Hotel at $5 Billion
- Realty Income Corporation is buying a 22% stake in the hotel
- Deal will generate cash for investors in Blackstone’s BREIT
The Bellagio Hotel and Casino in Las Vegas, Nevada.
Photographer: Roger Kisby/BloombergBlackstone Inc. is selling a piece of the Las Vegas hotel Bellagio, a move that will generate cash for investors in a $67 billion property fund for wealthy individuals.
Property investor Realty Income Corporation is buying a 21.9% stake in the hotel’s and casino’s real estate in a deal valuing the Bellagio’s assets at $5.1 billion. The fund behind it, the Blackstone Real Estate Income Trust, will retain 73.1%.