sale
Summit Hotel Properties Completes Sale of Hilton Garden Inn San Francisco Airport North for $75 Million
Summit Hotel Properties | May 13, 2022
AUSTIN, Texas, May 13, 2022 -- Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has completed the previously announced disposition of the 169-guestroom Hilton Garden Inn San Francisco Airport North for a gross sales price of $75.0 million, or $444,000 per key, through its joint venture with GIC. The transaction represents 1% capitalization rate based on the hotel's net operating income after a 4% FF&E reserve for the twelve months ended March 31, 2022. The joint venture will also forego a comprehensive renovation that was scheduled for late 2022 estimated to be $7.1 million, or $42,000 per key, as a re...
Caesars and VICI to Sell Harrah’s Louisiana Downs to Rubico Acquisition for $22 Million
Caesars Entertainment, Inc. | September 8, 2020
NEW YORK - Caesars Entertainment, Inc., (NASDAQ: CZR) (“Caesars” or “CZR”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) today announced definitive agreements to sell Harrah’s Louisiana Downs Casino, Racing & Entertainment (“Harrah’s Louisiana Downs”) to Rubico Acquisition Corp. for $22 million. The proceeds of the transactions shall be split $5.5 million to VICI Properties and $16.5 million to Caesars subject to customary adjustments for cash and net working capital. The annual base rent payments under the Regional Master Lease between Caesars and VICI will remain unchanged. The transacti...
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