Blackstone Group expects to spend up to $200 million to turn around The Cosmopolitan of Las Vegas, which the firm acquired for $1.73 billion in December, according to the Wall Street Journal. Deutsche Bank, which took control of the hotel and casino property in 2008 after the original owner defaulted, spent approximately $4 billion on the project before unloading it. Blackstone plans to transform the top four floors of the hotel’s 52-story east tower into grand suites and is looking to add new bars and restaurants in vacant space on the first three floors, the article states.
