NEW YORK (TheStreet) -- Shares of Blackstone Group LP (BX) are down -3.24% to $28.65 after it was announced by Deutsche Bank (DB) that it has reached an agreement with Blackstone Real Estate Partners VII to sell Nevada Property 1 LLC, the owner of The Cosmopolitan of Las Vegas, a leading resort and casino. for $1.73 billion in cash.
The German bank spent about $4 billion to build the Cosmo, first as its lender and then as its owner after the project's developer defaulted during the financial crisis. The sale represents one of the biggest losses on a single project that Las Vegas has ever seen, according to the Wall Street Journal.
It's unclear what Blackstone plans to do to turn around the Cosmo's fortunes, the Journal said.
TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, solid stock price performance, impressive record of earnings per share growth and compelling growth in net income. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."