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Realty Income Corporation And Blackstone REIT Acquire The Bellagio Las Vegas Hotel For $950M
SOLD
$950,000,000
Nevada
See Similar DealsHotel
Sold 08/25/2023
SOLD
Realty Income Corporation And Blackstone REIT Acquire The Bellagio Las Vegas Hotel For $950M
3600 S Las Vegas Blvd, Las Vegas, Nv 89109, United States
See Similar DealsHotel
Sold 08/25/2023
Summary
NEVADA
Asset Type:Hotel
Transaction Type:Sale
The Bellagio Las Vegas, a hotel located at 3600 S Las Vegas Blvd, has been sold in a transaction involving Realty Income Corporation and Blackstone Real Estate Income Trust, Inc. The sale price for the property is $950,000,000.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $950,000,000
- Buyer: Realty Income Corporation
- Seller: Blackstone Real Estate Income Trust, Inc - Nadeem Meghji
- Market: Las Vegas, Nevada
Realty Income Corporation and Blackstone Real Estate Income Trust (BREIT) have agreed to jointly invest approximately $950 million in a new joint venture for acquiring equity interests in The Bellagio Las Vegas real estate assets.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$50,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,375,149.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$4,503,484.67
Annual Debt Service$54,041,816.01
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