Family Office Real Estate

A family office going big on the Las Vegas Strip

A west-coast US family office, backed by a fast-food fortune, has just bought one of the most valuable pieces of real estate on the Las Vegas Strip that follows an earlier prestigious hotel acquisition on the iconic stretch a few years.

The Cherng Family Trust along with two other investors bought The Cosmopolitan of Las Vegas, one of the biggest hotel, casino, and retail resorts on The Strip, for $5.6 billion. Under the deal, MGM Resorts International intends to acquire the operations of The Cosmopolitan, which in 2015 was named by Condé Nast Traveller as one of the “Top Hotels in the World”.

The seller, Blackstone, bought the property in 2014 and invested close to half a billion dollars in developing the resort, which includes more than 3,000 guests rooms.

In 2018, the Cherng Family Trust paid $214 million for the Mandarin Oriental Hotel (now the Waldorf Astoria) in Las Vegas. 

The family office, which has offices in Los Angeles and Las Vegas, and is owned by Andrew and Peggy Cherng who made their initial fortune with fast-food chain Panda Express, has a big real estate portfolio, having bought multiple properties in the extended Los Angeles area as well. And last year the Cherng Family Trust bought a corporate park in Pasadena for $78 million. 

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