MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced it has closed on the sale of the operations of The Mirage Hotel & Casino ("The Mirage") to Hard Rock International ("Hard Rock") for $1.075 billion in cash.
Rockbridge is pleased to announce it has completed the final closing of its most recent value-add flagship fund, Rockbridge Hospitality Fund VIII L.P. ("Fund VIII") at $431 million of investor commitments, surpassing its target of $425 million. Fund VIII was backed by both long-standing investors and select new investors, including pension funds, foundations, endowments, insurance companies, asset managers, and private capital from family offices and high net worth investors.
Prices rose by 8.2% annually in September, up 0.4% from August. A 2.1% drop in energy prices was offset by broad-based price increases, particularly for housing, food and health care. Core inflation, which excludes volatile food and energy prices, increased 6.6% from a year ago and 0.6% from August. With core inflation remaining well above its 2% target, the Fed will continue aggressively tightening monetary policy. A 75-bp increase in interest rates is expected in November, followed by another significant increase in December.
Watermark Lodging Trust, Inc. (“Watermark,” “WLT” or the “Company”) today announced that, at a Special Meeting of Stockholders, the proposed acquisition of WLT by private real estate funds managed by Brookfield was approved by its stockholders. Under the terms of the previously announced merger transaction, WLT common stockholders will receive cash consideration of $6.768 per Class A share and $6.699 per Class T share.
The distinction between fixed and variable costs has blurred over time as technology, labor market conditions, and guest preferences have evolved. These trends have been exacerbated by changes in occupancy patterns post COVID. Hotel owners and operators need to understand how these changes affect strategies for maximizing profitability.
JMBM’s Global Hospitality Group® and EB-5 Finance Group™ are pleased to publish an updated edition of The Developer’s EB-5 Handbook for Construction Financing. This new and improved handbook provides essential resources for developers considering EB-5 financing for their next project.
The year ended with substantial national gains in rate and occupancy from 2020 and provided confidence that the recovery will reaccelerate in 2022.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce the successful closing of the sale of our client Prism Hotels & Resorts (prismhotels.com) to Aimbridge Hospitality (aimbridgehospitality.com). Prism specializes in hotel management, resort development management, and management of hotels in receivership and Ambridge is a leading global hospitality company.
Hard Rock International, the legendary hospitality and entertainment company, today announced its agreement to acquire the operations of The Mirage Hotel and Casino in Las Vegas from MGM Resorts International, subject to regulatory approvals and other customary closing conditions. Through the acquisition, Hard Rock plans to build an iconic Guitar-shaped Hotel which will be located on the famous Las Vegas Strip.
VICI Properties Inc. (“VICI Properties” or “VICI” or the “Company”) announced today that, in connection with MGM Resorts International’s (“MGM Resorts”) agreement to sell the operations of The Mirage Hotel & Casino (the “Mirage”), located in Las Vegas, NV, to Hard Rock International (“Hard Rock”), VICI has agreed to enter into a new separate lease with Hard Rock related to the operations of the Mirage (the “Mirage Lease”) and also enter into an amendment to the Master Lease to be made by and between VICI Properties and MGM Resorts (the “MGM Master Lease”).
MGM Resorts International ("MGM Resorts" or the "Company") (NYSE: MGM) today announced it has reached an agreement to sell the operations of The Mirage Hotel & Casino ("The Mirage") to Hard Rock International ("Hard Rock") for $1.075 billion in cash, subject to customary working capital adjustments.
Condor Hospitality Trust, Inc. (NYSE American: CDOR) (the “Company”), incorporated in the state of Maryland, today announced that its Board of Directors has approved a special dividend liquidation distribution of $7.94 per share of the Company’s common stock (the “Common Stock”), to its stockholders of record as of the close of business on December 27, 2021.
The Global Hospitality Group® (GHG) of Jeffer Mangels Butler & Mitchell LLP (JMBM) has released an updated version of its Hospitality Credentials, detailing unsurpassed experience by providing representative clients and properties the GHG has worked on over the past 30 years. These Credentials show how the GHG has helped clients with more than 4,500 hospitality properties, valued at more than $112 billion.
The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) is pleased to announce that their team has completed $210 million in C-PACE (Commercial Property Assessed Clean Energy) financing transactions in the past 12 months, for hotel, retail and multi-family real estate clients. Led by Senior Partner David A. Sudeck, the Group has worked on both the lender and borrower side of these transactions, and has represented some of the leading names in PACE financing.
LBA Hospitality, based in Dothan, Ala., and 3H Group, headquartered in Chattanooga, Tenn., announced the formation of their new strategic alliance, which empowers LBA Hospitality and 3H Group to enlarge their respective companies while remaining focused on expansion of their hotel management platform. As evident from historic accomplishments, both companies are leaders in hospitality management and development, and this alliance sets them up for continued success as they merge their shared vision and expertise.
Inspirato LLC (“Inspirato” or the “Company”), the innovative luxury travel subscription brand, and Thayer Ventures Acquisition Corp. (“Thayer”) (Nasdaq: TVAC), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement that will result in Inspirato becoming a publicly listed company. The transaction values the pro forma company at an estimated enterprise value of $1.1 billion. Upon closing, the combined company will operate as Inspirato, and its Class A common stock is expected to be listed on Nasdaq under the ticker symbol “ISPO.”
Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it completed its acquisition of the Tropicana Evansville casino operations from Caesars Entertainment, Inc. (NASDAQ: CZR). As part of the transaction, Bally's also acquired the unencumbered rights to the Evansville operations' sports betting and iGaming skins, which will provide the Company with greater access to the growing Indiana gaming market.
Braemar Hotels & Resorts Inc. (NYSE: BHR) ("Braemar" or the "Company") today announced it has entered into a definitive agreement to acquire the 138-room Mr. C Beverly Hills Hotel in Los Angeles, California (the "Mr. C" or the "Property"). In addition, the Company is also acquiring five luxury condominium residences adjacent to the hotel. The acquisition is expected to close on or prior to July 9, 2021, subject to customary closing conditions. Because the acquisition is subject to customary closing conditions, the Company can give no assurance that the transaction will be consummated by such date or at all.
Following the toughest year on record for our industry, Pathfinder Development positioned itself for success by focusing on providing value and Platinum Service, paving the way for an incredible first quarter of 2021. We are thrilled to report that we had 4 out of our 6 hotels rank in the top 8% out of 6,143 Texas hotels in REVPAR. We couldn’t have achieved this without the outstanding staff, both on-property and behind the scenes providing unmatched service to our guests and associates.
Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.