MGM Resorts, MGM Growth Properties and Blackstone REIT Complete Acquisition of MGM Grand Las Vegas and Mandalay Bay Real Estate for $4.6 Billion
MGM Resorts International | February 14, 2020
MGM Resorts Executes Long-Term Lease with Joint Venture for Both Properties LAS VEGAS and NEW YORK, Feb. 14, 2020 -- MGM Resorts International ("MGM Resorts") (NYSE: MGM), MGM Growth Properties LLC ("MGP") (NYSE: MGP) and Blackstone Real Estate Income Trust ("BREIT") today announced the closing of the previously announced transaction for a joint venture formed between MGP and BREIT to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay for $4.6 billion. In addition, BREIT has purchased approximately 4.9 million MGP Class A shares at a price of $30.67 per share. In connection with the completion of the transacti...
Blackstone Completes Acquisition of Bellagio Real Estate From MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction
Blackstone Real Estate | November 18, 2019
November 18, 2019 – New York and Las Vegas – Blackstone Real Estate Income Trust (“BREIT”) and MGM Resorts International (“MGM Resorts”) (NYSE: MGM) today announced the closing of the previously announced 95%/5% BREIT-led joint venture with MGM Resorts to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction. As part of the transaction, MGM Resorts has leased the property from the joint venture and continues to manage, operate and be responsible for all aspects of the property on a day-to-day basis. The transaction was announced on October 15, 2019. Advisors Weil, Gotshal & ...
Great Wolf Resorts, Inc. | October 2, 2019
NEW YORK--October 2, 2019 --Blackstone Real Estate Partners IX, an affiliate of Blackstone (NYSE: BX) (“Blackstone”), and affiliates of Centerbridge Partners, L.P. (“Centerbridge”, the existing owner) announced today that Blackstone is acquiring a 65% controlling interest in Great Wolf Resorts, Inc. (“Great Wolf” or the “Company”). Great Wolf is a leading owner and operator of family-oriented entertainment resorts, with 18 resorts around the country. As part of the transaction, Blackstone and Centerbridge will form a new $2.9 billion joint venture to own the Company. Tyler Henritze, Head of US Acquisitions for Blackstone Re...
MSD Partners | April 22, 2019
NEW YORK and BOCA RATON, Fla., April 22, 2019 -- MSD Partners, L.P. today announced that it has entered into a definitive agreement to acquire the Boca Raton Resort & Club from an affiliate of Blackstone (NYSE: BX). Boca Raton Resort & Club is one of the premier resort destinations and private club facilities in the United States. The property, which was built in 1926, today comprises 1,047 hotel rooms across 337 acres. Its amenities include two 18-hole golf courses, a 50,000 sq. ft. spa, seven swimming pools, 30 tennis courts, a full-service 32-slip marina, 13 restaurants and bars, and 200,000 sq. ft. of meeting space. The prop...
Pebblebrook Hotel Trust | May 21, 2018
BETHESDA, Md--Pebblebrook Hotel Trust (NYSE: PEB) (the "Company") today responded to LaSalle Hotel Properties' ("LaSalle") announcement that it has entered into a merger agreement with Blackstone at a price of $33.50 per share, a significantly lower price than Pebblebrook has been willing to pay. Pebblebrook is proposing to merge with LaSalle at a fixed exchange ratio of 0.9200 Pebblebrook common share for each LaSalle common share, with the option for LaSalle shareholders to elect to receive cash up to a maximum of 20% in the aggregate (subject to pro rata cutbacks). Based on Pebblebrook's closing share price on May 18, 2018, this impl...
Blackstone Acquires Hotel Investment Partners and its Portfolio of 14 Coastal Resorts from Banco Sabadell in Spain
Blackstone Real Estate | October 18, 2017
October 18, 2017 - Blackstone Real Estate Partners Europe V ("Blackstone") announces that it has agreed to acquire Hotel Investment Partners ("HI Partners"), a leading Spanish hospitality company, from Banco Sabadell. HI Partners owns a portfolio of 14 primarily coastal hotels with over 3,700 rooms in Spain's most popular tourism destinations. Anthony Myers, Head of Real Estate Europe at Blackstone, said: "We are delighted to make another substantial investment in Spain and to have the opportunity to partner with the HI Partners management team, working with them to continue to execute their strategy of growing HI Partners into Spain's ...
Blackstone | March 20, 2017
Upscale hotel to be rebranded and managed by Hilton following a transition period NEW YORK--March 20, 2017--Blackstone today announced that funds managed by its real estate business have agreed to acquire the Windsor Atlantica Hotel on Copacabana Beach in Rio de Janeiro, Brazil. As part of the transaction, Blackstone has signed a management agreement with Hilton for this asset and following a period of transition plans to convert the hotel to the "Hilton Rio de Janeiro Copacabana". The irreplaceable 39-floor, 545-key beachfront hotel was comprehensively renovated in 2011 by its current owner and operator, Windsor Hotels, and is a main d...
HNA Group Makes Strategic Investment in Hilton with Acquisition of 25% Equity Interest from Blackstone
HNA Group | October 24, 2016
MCLEAN, Va., BEIJING and NEW YORK - Hilton Worldwide Holdings Inc. (NYSE: HLT) ("Hilton"), HNA Group ("HNA") and Blackstone (NYSE: BX) announced today that HNA will acquire an approximate 25 percent equity interest in Hilton from affiliates of Blackstone, establishing a long-term strategic investment in Hilton and Hilton's planned spin-offs of Park Hotels & Resorts ("Park") and Hilton Grand Vacations ("HGV"). The transaction is valued at approximately $6.5 billion, or $26.25 per share in cash, reducing Blackstone's interest in Hilton to approximately 21 percent. The transaction is expe...
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