Deutsche sells Cosmopolitan to Blackstone

|About: Deutsche Bank AG (DB)|By:, SA News Editor

Deutsche Bank (DB -1.3%) closes the book on a painful episode, agreeing to sell Cosmopolitan in Las Vegas to Blackstone (BX -2.5%) for $1.73B in cash. The bank became the proud owner of the resort in 2008 after foreclosing on developer Bruce Eichner, and has tried to make a go of it ever since (all the while having a For Sale sign up). It's never turned a profit and Deutsche's investment in the property sums to $4B.

For Blackstone, the deal represents its first big gaming investment.