拉斯维加斯近期交易更新-机构投资显著上涨
Las Vegas Market Update-Number of Institutional Transactions Rising Fast

黑石集团42.5亿美元收购宝丽嘉酒店打破历史记录

20年前拉斯维加斯宝丽嘉曾以世界最高酒店造价打破纪录。2019年10月，该酒店以42.5亿美元的售价打破拉斯维加斯酒店最高交易记录。

黑石集团在拉斯维加斯地产业涉足已久，通过该笔交易黑石得以将当地另一座战略资产纳入囊中。至此，包含2014年以17亿美元收购的大都会酒店在内，在拉斯维加斯五大酒店中黑石集团独占其二。

根据双方协议，美高美集团将以2.45亿美元的初始租金租回该酒店，期限30+20年。该42.5亿美元的报价是租金价格的17倍，也为黑石集团带来了5.76%的年回报率。

黑石在拉斯维加斯持续的资产版图扩张

宝丽嘉酒店位于拉斯维加斯大道中心地区，包含超过3900个房间，1.5万平米赌场，占地面积534亩。出自史蒂夫永利之手，该酒店于1998年开业，总造价16亿美元，是当时全球建筑成本最高的酒店。2000年作为永利集团44亿美元资产包中的一部分售于美高美集团。

由于财务紧张和投资人不断施加的重组压力，美高美集团目前将降低杠杆作为主要战略。与出售宝丽嘉酒店同期，马戏团酒店以8.25亿美元售于亿万富翁费尔马芬。在该两大资产完成交割后，美高美集团将仅全资持有两大酒店资产，包括其旗舰产品美高美大酒店。

黑石集团

黑石集团是全球最大的投资公司之一，目前所管理资产超过5540亿美元。在地产板块，该公司共管理超过1570亿美元的股权资本。

过去8年，黑石集团在拉斯维加斯涉足极深。其资产包括：

  • 2011年起在拉斯维加斯总计过10亿美元的住宅地产开发
  • 2013年以3.47亿美元收购412亩休斯中心办公园区
  • 2014年以17亿美元收购大都会酒店
  • 2019年以42.5亿美元收购宝丽嘉酒店

拉斯维加斯市场的忠实拥护者

回顾过往黑石在拉斯维加斯地区的持续巨额投资，证明该地区是黑石集团在投资领域的重要方向之一。通过在地产业不同领域近百亿美元的总投资，黑石表现出对该高速发展经济体上升趋势的高度乐观。

黑石总裁兼COO Jon Gray表示：“作为美高美集团和拉斯维加斯的忠实拥护者，我们为能够与美高美合作并收购宝丽嘉集团感到激动不已。”

Blackstone Breaks Record with $4.25 Billion Hotel Acquisition

Developed more than 20 years ago, Bellagio was the world’s most expensive hotel ever built.  In October, Blackstone acquired the prized asset for a record breaking $4.25 billion.

With this, Blackstone adds another prime “strip” asset into their Las Vegas profile. Together with the $1.7 billion acquisition of Cosmopolitan, the New York PE giant now owns two of the top five resorts on the Las Vegas Strip.

Under the purchase agreement, MGM will lease back the property with an annual rent of $245 million for 30+20 years.  The $4.25 billion of purchase price implies 17x annual rent and a 5.76% CAP rate. 

Blackstone Continues to Expand Its Las Vegas Portfolio  

Located at the intersection of Las Vegas Boulevard and Flamingo Road.  The luxury resort features more than 3,900 rooms and 155,000 square feet of casino space and sits on 77 acres of land.  Conceived by Steve Wynn, the resort opened in 1998 with a construction cost of $1.7 billion.  In 2000, the hotel merged with MGM Grand Inc. to create MGM Mirage. 

Due to recent financial difficulties and restructuring pressure from internal investors, the MGM group sold the prized asset to reduce leverage.  In a separate deal, the company also agreed to sell Circus Circus to Phil Ruffin for $825 million.

Blackstone

Blackstone is one of the world’s leading investment firms, currently managing over $554 billion in assets.  The firm currently invests over $157 billion in the real estate sector.

Blackstone’s notable assets in its expanding Las Vegas portfolio include

  • Over $1 billion residential development across Las Vegas (Since 2011)
  • 68-acre Hughes Center office park for $347 million (2013)
  • Cosmopolitan for $1.7 billion (2014)
  • Bellagio for $4.25 billion (2019)

The Big Believer of Las Vegas

Blackstone’s moves in recent years signals that the PE giant has elevated Las Vegas as a key city for capital deployment.  The company intends to capitalize on the upward trajectory of Las Vegas’ fast growing and diversifying economy.

Jon Gray, Blackstone president and COO, had this to say about Las Vegas: “As big believers in MGM Resorts and Las Vegas, we are thrilled to partner with MGM to acquire Bellagio on behalf of our investors.”