Last Updated on July 30, 2026 by Daniel Globe
Who owns The Cosmopolitan of Las Vegas depends on which part of the property you mean. Since May 17, 2022, MGM Resorts International has owned and operated the hotel-and-casino business. The land and buildings are held separately through a real-estate company, while Marriott participates as a branding and loyalty partner rather than an owner.
Quick Answer
MGM Resorts International owns and operates The Cosmopolitan’s hotel-and-casino business. The land and buildings are held by a separate real-estate company backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust. Marriott does not own the resort; it participates through Autograph Collection and MGM Collection with Marriott Bonvoy.
Key Takeaways
- MGM Resorts International owns the operating business and runs The Cosmopolitan’s hotel, casino, dining, entertainment, and guest operations.
- The real estate has separate ownership. Stonepeak currently describes The Cosmopolitan PropCo as backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust.
- At the May 2022 closing, the disclosed real-estate buyer group consisted of Stonepeak, the Cherng Family Trust, and Blackstone Real Estate Income Trust.
- Marriott International is not an owner or day-to-day operator. Its role involves Autograph Collection and MGM Collection with Marriott Bonvoy.
- Blackstone acquired the entire resort in 2014, but the property was divided into operating and real-estate interests when it was sold in 2022.
History of The Cosmopolitan of Las Vegas
The Cosmopolitan began as a privately developed condo-hotel and casino project in the mid-2000s. Deutsche Bank financed the project but was not its original developer. After the original development group defaulted on its construction financing in 2008, Deutsche Bank took possession of the unfinished property and funded its completion.
The resort opened in December 2010. Its vertical two-tower design, residential-style rooms, private terraces, restaurants, bars, art installations, entertainment venues, and central Strip location helped distinguish it from many traditionally themed Las Vegas resorts.
The property now has 3,033 rooms and suites. Many accommodations feature terraces, an uncommon amenity among major Las Vegas Strip resorts.
Ownership Changes Over the Years
The Cosmopolitan has passed through three major ownership phases.
Deutsche Bank takes control
Deutsche Bank began as a construction lender. It became the property owner after the original developer defaulted during construction in 2008. The bank completed the unfinished resort and opened it in 2010.
Blackstone acquires the entire property
Blackstone acquired The Cosmopolitan from Deutsche Bank in 2014. During Blackstone’s ownership, the resort received substantial capital improvements, including renovated rooms and changes to its dining, gaming, and entertainment offerings.
The property is divided in the 2022 sale
On May 17, 2022, Blackstone completed a $5.65 billion sale that separated the operating business from the real estate:
- MGM Resorts International acquired the operations of The Cosmopolitan.
- A separate investor partnership acquired the land and buildings and became MGM’s landlord.
- MGM entered a long-term net lease allowing it to continue operating the resort on the property.
The 2022 transaction valued The Cosmopolitan at $5.65 billion, with MGM Resorts paying $1.625 billion for the operating business and leasing the real estate from a separate landlord.
Current Ownership of The Cosmopolitan
The clearest way to understand the current arrangement is to separate the resort into its operating business, real estate, and brand affiliations.
| Ownership layer | Current party and role |
| Hotel-and-casino operations | MGM Resorts International owns the operating business and runs the resort under a long-term lease. |
| Land and buildings | The Cosmopolitan of Las Vegas PropCo owns the real-estate assets. Stonepeak’s current portfolio describes the PropCo as backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust. |
| Disclosed 2022 real-estate buyers | The closing announcement identified Stonepeak, the Cherng Family Trust, and Blackstone Real Estate Income Trust as the partnership acquiring the real estate. |
| Hotel brand and loyalty affiliation | The resort participates in Autograph Collection and MGM Collection with Marriott Bonvoy. Marriott is a commercial and loyalty partner, not the property owner or daily operator. |
Note: Current official public pages do not provide a complete percentage breakdown for every investor in the real-estate company. A claim that Blackstone, MGM, Marriott, or another party owns 100% of the entire resort would therefore be misleading.
Key Players in the Ownership Structure
The most important players are companies and investment entities rather than individual executives.
MGM Resorts International
MGM acquired The Cosmopolitan’s operating business for $1.625 billion in cash. It controls the hotel-and-casino operation, manages the property, employs the operating workforce, and includes the resort within its broader Las Vegas portfolio.
Stonepeak and Blackstone Real Estate Income Trust
Stonepeak’s current investment portfolio states that The Cosmopolitan PropCo is backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust, commonly called BREIT. The PropCo owns the real estate and leases it to MGM.
The Cherng Family Trust
The May 2022 transaction announcement identified the Cherng Family Trust as one of the partners that acquired the resort’s real estate. Stonepeak’s current portfolio description does not list individual ownership percentages, so the trust’s precise current economic interest should not be guessed.
Marriott International
Marriott provides booking, branding, and loyalty connections through Autograph Collection and MGM Collection with Marriott Bonvoy. Marriott Bonvoy members may earn or redeem points on qualifying stays under the program’s rules. Marriott does not own The Cosmopolitan’s operating company or its land and buildings.
Financial Backing and Investment in the Hotel
Blackstone’s 2022 sale valued the full resort transaction at $5.65 billion. MGM paid $1.625 billion for the operating business, while the separate investor group acquired the real estate.
MGM signed an initial 30-year lease with three 10-year renewal options. The closing announcement stated that initial annual rent was $200 million, with scheduled annual increases.
This structure lets MGM control the guest-facing business without owning the underlying land and buildings. The landlord receives rent, while MGM receives revenue from rooms, gaming, dining, entertainment, retail, and other resort operations.
How Ownership Affects Hotel Operations
For guests, MGM’s role is the most visible part of the ownership structure. MGM controls daily operations, property policies, resort services, casino management, dining partnerships, entertainment, and most guest-facing systems.
The Cosmopolitan completed its transition from the former Identity loyalty program to MGM Rewards on July 30, 2024. Members can now earn and redeem eligible MGM Rewards benefits at the property under the program’s terms.
The resort also participates in MGM Collection with Marriott Bonvoy. That arrangement gives qualifying Marriott Bonvoy members access to selected earning, redemption, booking, and recognition benefits, but it does not make Marriott the operator.
Pro Tip: When booking, compare the MGM Resorts and Marriott channels and read the rate rules. Eligible benefits, resort credits, point earnings, cancellation terms, and elite recognition can vary by booking channel and rate type.
Plans for the Future of The Cosmopolitan
MGM continues to update the resort’s dining and entertainment mix. One documented development is The Corner Store, a New York restaurant concept that MGM announced for The Cosmopolitan in January 2026.
The restaurant was announced with a planned late-2026 opening in the former Blue Ribbon American Grill & Oyster Bar space. The announcement reflects MGM’s continuing strategy of refreshing the resort’s culinary offerings while preserving The Cosmopolitan’s distinctive identity.
Note: Restaurant openings and other development schedules are forward-looking and may change. Check the resort’s official website for the latest opening dates and venue information.
Public Perception of the Hotel’s Ownership
Public discussions about The Cosmopolitan’s ownership can be confusing because several recognizable names appear in booking pages, loyalty programs, investment announcements, and property records.
A guest may see MGM Resorts on the hotel’s website, Marriott Bonvoy during booking, and Blackstone or Stonepeak in real-estate reports. Those names do not represent competing answers. They reflect different roles within the same structure:
- MGM owns and operates the resort business.
- The PropCo owns the land and buildings.
- Stonepeak-controlled vehicles and BREIT back the PropCo according to Stonepeak’s current disclosure.
- The Cherng Family Trust was identified as a real-estate buyer at the 2022 closing.
- Marriott supplies a brand and loyalty connection.
For most guests, MGM’s operating policies and the available MGM Rewards and Marriott Bonvoy benefits matter more than the investment entities holding the real estate.
Legal Issues and Controversies Surrounding Ownership
The most important documented ownership event during construction was the original developer’s financing default, which led Deutsche Bank to take control of the unfinished property in 2008. A foreclosure does not by itself prove financial misconduct by the lender or later owners.
The 2022 transfer was a structured sale in which the operating business and real estate went to different buyers. That division is common in large hotel and casino transactions because an operating company can run a resort while paying rent to a separate property owner.
Warning: Do not treat labor disputes, guest complaints, brand affiliations, or loyalty-program changes as proof of who legally owns the real estate. Ownership should be verified through transaction announcements, company filings, and current investor disclosures.
Conclusion and Summary of The Cosmopolitan’s Ownership
The Cosmopolitan of Las Vegas does not have one simple owner covering every part of the resort. MGM Resorts International owns and operates the hotel-and-casino business. A separate PropCo owns the land and buildings and leases them to MGM. Stonepeak currently describes that PropCo as backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust.
The Cherng Family Trust was also identified in the official May 2022 real-estate acquisition announcement. Marriott International is not an owner or daily operator; it connects the resort to Autograph Collection and MGM Collection with Marriott Bonvoy.
In practical terms, guests experience an MGM-operated resort with access to MGM Rewards and selected Marriott Bonvoy benefits, while separate real-estate investors own the physical property beneath the operation.
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Frequently Asked Questions
Who owns The Cosmopolitan Hotel in Las Vegas?
MGM Resorts International owns the hotel-and-casino operating business. The land and buildings are owned separately through The Cosmopolitan of Las Vegas PropCo, which Stonepeak currently describes as backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust.
Does MGM Resorts own The Cosmopolitan?
Yes, MGM Resorts owns The Cosmopolitan’s operating business and runs the resort. However, MGM leases the land and buildings from a separate real-estate owner.
Who owns The Cosmopolitan’s land and buildings?
The real estate is held through The Cosmopolitan of Las Vegas PropCo. Stonepeak’s current portfolio says the PropCo is backed by Stonepeak-controlled vehicles and Blackstone Real Estate Income Trust. The 2022 closing announcement also identified the Cherng Family Trust as a member of the acquiring real-estate partnership.
Does Marriott own or operate The Cosmopolitan?
No. Marriott does not own the resort and does not control its daily hotel-and-casino operations. The property participates in Autograph Collection and MGM Collection with Marriott Bonvoy through a commercial partnership between MGM Resorts and Marriott.
When did Blackstone acquire The Cosmopolitan?
Blackstone acquired The Cosmopolitan from Deutsche Bank in 2014. Blackstone later completed a $5.65 billion sale in May 2022 that separated the resort’s operations from its real estate.
When did MGM take over The Cosmopolitan?
MGM Resorts completed its acquisition of The Cosmopolitan’s operating business on May 17, 2022. The resort was fully integrated into MGM Rewards on July 30, 2024.
Is The Cosmopolitan part of a larger hotel chain?
The Cosmopolitan keeps its own name and identity, but it is operated as part of MGM Resorts. It also participates in Autograph Collection and MGM Collection with Marriott Bonvoy.
What amenities does The Cosmopolitan offer?
The Strip resort includes more than 3,000 rooms and suites, many with private terraces, plus a casino, restaurants, bars, nightlife venues, entertainment, pools, a spa, fitness facilities, shops, and meeting space.
Is The Cosmopolitan located on the Las Vegas Strip?
Yes. The Cosmopolitan is located at 3708 South Las Vegas Boulevard in the central portion of the Las Vegas Strip, next to Bellagio and across from the Planet Hollywood area.
Sources
- MGM Resorts International: Completion of The Cosmopolitan operations acquisition — confirms MGM’s purchase, transaction price, room count, and lease terms.
- Blackstone: Completion of The Cosmopolitan sale — confirms the $5.65 billion sale and the parties disclosed in the real-estate acquisition.
- Stonepeak investment portfolio — provides the current description of The Cosmopolitan PropCo and its long-term lease with MGM.
- MGM Resorts International 2025 Form 10-K — identifies The Cosmopolitan within MGM’s Las Vegas Strip resort operations.
- MGM Collection with Marriott Bonvoy — explains The Cosmopolitan’s Marriott branding and loyalty affiliation.
- MGM Resorts: The Corner Store announcement — supports the documented late-2026 dining plan.