NATIONAL REPORT—Hotels are changing hands across the U.S. Here’s a look at the recent transactions in and around Las Vegas, Boston and Chicago:
Blackstone/MGM JV Closes on Acquisition of MGM Grand, Mandalay Bay
MGM Resorts International, MGM Growth Properties LLC and Blackstone Real Estate Income Trust have closed on 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 transaction, MGM Resorts has entered into a long-term triple net master lease for both properties, and will continue to manage, operate and be responsible for all aspects of the properties on a day-to-day basis, with the joint venture owning the properties and receiving rent payments. MGM has also provided a full corporate guarantee of rent payments.
MCR Acquires SpringHill Suites by Marriott Near Boston
MCR has acquired the 164-room SpringHill Suites by Marriott Boston Peabody. The property is situated just outside the city at 43 Newbury St., complete with a fitness center, food and beverage options, an indoor pool, 5,500 sq. ft. of event space, a business center and on-site laundry service.
HREC Arranges Sale of Holiday Inn Express in Schaumburg, IL
HREC Investment Advisors has arranged the sale of the 142-guestroom Holiday Inn Express Chicago-Schaumburg located in Schaumburg, IL. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Scott Kaniewski, managing director, and Tom Sommer, VP, in HREC Investment Advisors’ Chicago office.
The property is proximate to downtown Chicago and Chicago O’Hare International Airport. The hotel is also close to the Woodfield Mall, Zurich North America, OptumRX and IBM, among other demand generators.