![]() MGP expects the transaction to close in the first quarter of 2020, subject to certain customary closing conditions. MGM Resorts will continue to manage, operate and be responsible for all aspects of the properties on a day-to-day basis, with the JV owning the properties and receiving rent payments. Together, the two Las Vegas properties comprise 9,743 guestrooms, approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip.Īt closing, MGM Resorts International will enter into a long-term triple net master lease for both properties and provide a full corporate guarantee of rent payments. MGP currently owns the Mandalay Bay real estate and MGM Resorts International owns the MGM Grand real estate. BREIT, which is externally managed by a subsidiary of The Blackstone Group, also will purchase $150 million in MGP Class A shares. ![]() MGP will own 50.1 percent of the JV and BREIT 49.9 percent. MGM Growth Properties and Blackstone Real Estate Income Trust entered into a definitive agreement to form a joint venture to acquire the MGM Grand and Mandalay Bay in Las Vegas for $4.6 billion.
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