purchase agreement
Summit Hotel Properties Acquires NewcrestImage 27-Hotel Portfolio for $822M
Summit Hotel Properties | November 4, 2021
AUSTIN, TX – November 4, 2021 – Summit Hotel Properties, Inc. (NYSE: INN) (the "Company" or "Summit") today announced that it has entered into a definitive contribution and purchase agreement to acquire a 27-hotel portfolio totaling 3,709 guestrooms, two parking structures and various financial incentives through its existing joint venture with GIC for total consideration of $822 million (the "Transaction") from affiliates of NewcrestImage. The total consideration for the Transaction is comprised of $776.5 million, or $209,000 per key, for the 27-hotel portfolio, $24.8 million for the two parking structures and $20.7 million for the var...
MGM Growth Properties to Be Acquired by VICI in Stock-for-Stock Transaction Valuing MGP at $17.2 Billion
MGM Resorts International | August 4, 2021
LAS VEGAS - Aug. 4, 2021 - MGM Resorts International today announced that it has entered into a definitive agreement with VICI Properties Inc. ("VICI") (NYSE: VICI) and MGM Growth Properties LLC ("MGP") (NYSE: MGP) whereby VICI would redeem a majority of MGP operating partnership units held by MGM Resorts for $43 per unit, or approximately $4.4 billion in cash, and acquire 100% of the outstanding class A shares of MGP in a stock-for-stock transaction. "In 2016 we started on our journey to become asset light and this announcement, together with our recently announced Springfield and CityCenter transactions, reflects the culmination of those...
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 ...
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