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MGP and Blackstone Form Joint Venture to Acquire MGM Grand and Mandalay Bay for $4.6 Billion

mandalay bay - MGM Resorts
LAS VEGAS — MGM Growth Properties LLC (MGP) and Blackstone Real Estate Income Trust, Inc. (BREIT) today announced that they have entered into a definitive agreement to form a new joint venture to acquire MGM Grand and Mandalay Bay in Las Vegas for $4.6 billion. In addition, BREIT will purchase $150 million in MGP Class A shares. MGP will...

AHIP Sells 45 Economy Hotels for $215.5 Million To Focus on Premium-Branded Portfolio

Hotel building
VANCOUVER—American Hotel Income Properties REIT LP (AHIP) has agreed to sell its economy lodging portfolio of 45 hotel properties to an affiliate of VCM, Ltd., for a total sale price of $215.5 million. AHIP expects the transaction to simplify its business structure and allow management to focus exclusively on its portfolio of midscale to upscale, select-service hotels. This sale is...

Park Hotels To Acquire Chesapeake Lodging Trust for $2.7 Billion

Hyatt Herald Square New York
ARLINGTON, Va.—Park Hotels & Resorts and Chesapeake Lodging Trust today announced that they have entered into a definitive merger agreement under which Park will acquire all the outstanding shares of Chesapeake in a cash and stock transaction valued at approximately $2.7 billion, including transaction costs. The combined company will have an estimated enterprise value of $12 billion, solidifying Park’s position...

Apple Hospitality REIT Sells Nine Hotels for $95 Million

Profitability
RICHMOND, Va.—Apple Hospitality REIT recently announced that it completed a nine-hotel portfolio sale for a total sales price of $95 million on March 28, 2019. The company used the sale proceeds to reduce the outstanding balance of its revolving credit facility and anticipates recognizing a gain on the sale in the first quarter of 2019. “We are pleased to have...

Leslie Hale: The Collaborative Leader

Leslie Hale
When speaking with Leslie Hale about her career, her enthusiasm for the combination of finance and hospitality is palpable. In fact, the way she tells it, her introduction to finance was love at first sight. “I was taking a finance class in college and fell in love. The concept of taking one dollar and turning it into two fascinated...