NATIONAL REPORT—CityCenter is selling the Mandarin Oriental Las Vegas, while a Courtyard by Marriott and DoubleTree properties have new owners.
For Sale: Mandarin Oriental Las Vegas
CityCenter Holdings LLC, a venture between MGM Resorts International and Infinity World Development Corp, has recently entered into a definitive agreement to sell the Mandarin Oriental Las Vegas and adjacent retail parcels for approximately $214 million in cash, subject to satisfactory completion of due diligence and customary closing conditions. The transaction is expected to close in this summer, according to the company.
Located at the entryway of CityCenter and in the heart of the Las Vegas Strip, the property has 392 guestrooms, including 57 suites, 12,000 sq. ft. of meeting space, five F&B outlets, and a two-level 27,000-sq.-ft. spa. The Hotel is LEED Gold certified from the U.S. Green Building Council.
MCR Acquires Courtyard by Marriott Milwaukee Downtown
MCR has acquired and will manage the 169-room Courtyard by Marriott Milwaukee Downtown located at 300 West Michigan St. in Milwaukee.
“With the acquisition of this well-located hotel, MCR is investing in another high-quality Marriott-branded property at a price below replacement cost,” said Tyler Morse, CEO and managing partner of MCR. “We feel strongly that this investment will produce favorable long-term returns for our investors given the property’s proximity to many large corporations, desired retail amenities and local demand generators.”
Amenities include guestrooms with luxury bedding and ergonomic workstations, free WiFi, a 24-hour fully equipped fitness center with an indoor pool and a whirlpool, as well as four event spaces that can host more than 160 people.
In terms of F&B, there is The Bistro, an on-site cocktail bar and restaurant that serves Starbucks products. A 24-hour convenience store is also available.
Wright and Continental Acquires DoubleTree Hotel Downtown Memphis
Affiliates of Wright Investments and Continental Hospitality Group, in a first joint venture, acquired the 280-room DoubleTree Hotel Downtown Memphis, which was built originally as the Hotel Tennessee in 1928.
“We are excited and fortunate to have the opportunity to invest again in downtown Memphis, TN, with a unique and significant asset,” said Larry Wright Jr., CEO of Wright Investments. “The future of the city is bright and all Memphis community stakeholders will benefit including our employees, local business owners, our partners at Continental and, last but certainly not least, our guests.”
Wright Investments has been part of the Memphis community since being founded in the city in 1982 and has been involved in more than 180 hotels in 26 states.