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Briefs: MGM’s US$850M deal | Rumor on HNA stake in NH

HNA’s stake in NH. Bloomberg reported on Monday that HNA Group’s 30% stake in Spain’s NH Hotel Group has attracted interest from U.S.-based hedge fund Elliott Management Corp. and private equity firm Apollo Global Management. HNA’s stake, for which bids are reportedly due this week, is valued at approximately US$779 million based on the company’s May 28 closing price, according to Bloomberg.

 


MGM moves in on Empire: MGM Resorts International and MGM Growth Properties have reached an agreement to acquire Empire City Casino’s race track and casino in Yonkers, New York for US$850 million. MGP will acquire the developed real property associated with Empire City from MGM Resorts and lease it back to one of its subsidiaries. MGM Resorts will pay an extra US$50 million if Empire City wins a license for live table games on or before Dec. 31, 2022 and MGM Resorts accepts that license by Dec. 31, 2024. 

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Far East taps Tokyo: Singapore-based Far East Hospitality Holdings and a Far East Organization unit, Boo Han Holdings, have teamed up to buy a 2,542 square-meter plot of land and a yet-unconstructed hotel in Tokyo, Far East Orchard, which owns 70% of Far East Hospitality. The seller, Shimizu Corporation, will build the hotel and then deliver the trust beneficiary interest worth to an indirectly-held joint venture entity, in the form of a Tokutei Mokuteki Kaisha (a special purpose company), upon completion of the sale. The purchase price is ¥8.198 billion (US$75 million), shared equally between the two partners. The deal is expected to be completed in the second quarter of 2020.

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Gaurs Groups gets in the game: New Delhi-based realty firm Gaurs Group will enter the hospitality business with three projects comprising over 200 rooms in Ghaziabad and Greater Noida. The company will develop a 40-room hotel in Ghaziabad and two hotels in Greater Noida West (commonly known as Noida Extension) comprising 170 rooms. 

Read more at The Economic Times

 


MCR acquires three Hiltons: MCR, the seventh largest U.S. hotel owner-operator, acquired three Hilton-branded hotels in Champaign, Illinois. The hotels — a Home2 Suites by Hilton, a Hilton Garden Inn and a Homewood Suites by Hilton — are steps from the 44,000-student University of Illinois campus and the newly renovated State Farm Center arena, home of the Fighting Illini Women’s and Men’s Basketball teams.

 


Radisson signs in Saudi: Radisson Hospitality AB, part of Radisson Hotel Group, signed the Radisson Blu Hotel, Al Ahsa in Saudi Arabia. The 172-room hotel is scheduled to open in 2020 and will offer a mixture of standard rooms, suites and serviced apartments. The food and drink options will include a lobby lounge, an all-day dining restaurant and a premium specialty restaurant. 

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