Hard Rock International Acquires Hotel On Las Vegas Strip From MGM Resorts International For $1.1B
3400 South Las Vegas Boulevard, Las Vegas, Nevada 89109, United States
$1,075,000,000
$2,719/SF
Building Size
395,355 SF
Asset Type
Hotel
Closing
Dec 13, 2021
About this deal
AI
The hotel located at 3400 S. Las Vegas Blvd. in Las Vegas was recently sold in a transaction. The property, with a sale price of $1,075,000,000, encompasses a total of 3,044 keys. The price per key is approximately $353,153, exemplifying the value of this hotel asset.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $1,075,000,000
- Address: 3400 S. Las Vegas Blvd.
- Market: Las Vegas
Hard Rock International, represented by Jim Allen, acquired the hotel from MGM Resorts International, represented by Bill Hornbuckle. This notable transaction showcases the involvement of key individuals and companies in the hospitality industry.
Players
Las Vegas Hotel Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93