blackstone
MGM Resorts International Completes Acquisition of Las Vegas’ The Cosmopolitan Operations for $1.625 Billion
MGM Resorts International | May 18, 2022
LAS VEGAS, May 18, 2022 -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "company") today announced the closing of its transaction with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion. With the closing of the transaction, The Cosmopolitan of Las Vegas officially joins MGM Resorts' roster of iconic brands along the Las Vegas Strip. "This is a big moment for our company and for the Las Vegas Strip. The Cosmopolitan of Las Vegas has already established itself as one of the Strip's premier resorts with an iconic brand, w...
MGM Resorts to Acquire Operations of The Cosmopolitan in Las Vegas for $1.625B
MGM RESORTS INTERNATIONAL | September 27, 2021
LAS VEGAS, NV – September 27, 2021 – MGM Resorts International today announced that the Company has entered into a definitive agreement with Blackstone to acquire the operations of The Cosmopolitan of Las Vegas (the "property" or "The Cosmopolitan") for cash consideration of $1.625 billion, subject to customary working capital adjustments. The purchase price represents a multiple of approximately eight times adjusted EBITDA, inclusive of expected operational synergies and identified revenue growth opportunities. Following the close of the transaction, MGM Resorts will enter into a 30-year lease agreement, with three 10-year rene...
MGM Resorts International Enters Agreement to Purchase Infinity World’s 50% Interest in CityCenter for $2.125 Billion
MGM Resorts International | July 1, 2021
LAS VEGAS - July 1, 2021 - MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced that it has entered into a definitive agreement to purchase Infinity World Development Corp's ("Infinity World") 50 percent interest in CityCenter Holdings, LLC for $2.125 billion. The purchase price represents an implied valuation of $5.8 billion based on net debt of $1.5 billion, after giving effect to the recently closed sale of a two-acre parcel. The agreement will make MGM Resorts the 100 percent owner of CityCenter on the Las Vegas Strip, which is comprised of Aria Resort & Casino and Vdara Hotel and Spa. "CityCenter ...
Blackstone and Starwood Capital Group to Acquire Extended Stay America in $6B Deal
Extended Stay America, Inc. | March 15, 2021
CHARLOTTE, N.C. -- March 15, 2021 -- Extended Stay America, Inc. and its paired-share REIT, ESH Hospitality, Inc. (“ESH” and together with ESA, the “Company”) announced today that it has signed a definitive agreement to be acquired by a 50/50 joint venture between funds managed by Blackstone Real Estate Partners (“Blackstone”) and Starwood Capital Group (“Starwood Capital”) for $19.50 per paired share in an all-cash transaction valued at approximately $6 billion. The $19.50 per paired share consideration represents a premium of 23.3% over the 30-day volume-weighted average share price ending March 12, 2021 and a premium o...
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 & ...
Blackstone to Acquire 65% Controlling Interest in Great Wolf Resorts
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, L.P. to Acquire Boca Raton Resort & Club From Blackstone Affiliate
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...
1
Technology
2
Operations
3
Market Reports
4
Industry Happenings
5
All Things Independent
Today's News
Tourism Tidbits: Getting Ready for the Family Vacation Season
Guest Loyalty Is Not Dead – It’s Just Really Boring
Kevin Blake Named Director of Food and Beverage for Lansdowne Resort
How to Build the Ultimate Distribution Technology Strategy for a Casino Resort
As the first news aggregate for the hotel industry, Hotel-Online is the industry’s must-read daily news source for everything hotel curated for busy professionals. Sign up today for industry news delivered to your inbox.