News & AnalysisBlackstone’s 2021 Las Vegas hotel bet pays out with refinancing, stake sale setThe manager is refinancing debt on its ARIA Resort & Casino and Vdara Hotel & Spa via a CMBS loan and a preferred equity sale.ByGuelda Voien5 December 2025•3 mins readNorth AmericaSouthwestUnited StatesAlternative lendersBorrowersCMBS