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VICI Properties Inc. Acquires Las Vegas Hotel For $1.27B With Buyer's Rep Edward Pitoniak & Seller's Rep Jon Gray & Scott Trebilco

Property Image
SOLD
$1,270,000,000
Jon Gray
ST
EP

Nevada

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Hotel36,000,000 SF
Sold 01/12/2022
the dealplayerscompscontact
Property Image
SOLD

VICI Properties Inc. Acquires Las Vegas Hotel For $1.27B With Buyer's Rep Edward Pitoniak & Seller's Rep Jon Gray & Scott Trebilco

3799 S Las Vegas Blvd,Las Vegas, Nevada & 3950 Las Vegas Boulevard South,Las Vegas, Nevada

See Similar Deals
Hotel36,000,000 SF
Sold 01/12/2022
Jon Gray
ST
EP
the dealplayerscompscontact
Contact now

Summary

NEVADA
Asset Type:Hotel
Price Per Square Foot:$35
Total Square Footage:36,000,000 SF
Transaction Type:Sale

The property involved in this transaction is a hotel located at 3799 S Las Vegas Blvd & 3950 Las Vegas Boulevard South in Las Vegas, Nevada. The sale took place on 12/01/2022.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $1,270,000,000 (Approx.)

VICI Properties Inc., represented by Edward Pitoniak, purchased the hotel. The seller was Blackstone Real Estate Income Trust, Inc., represented by Jon Gray & Scott Trebilco. VICI Properties Inc. acquired a 49.9% stake in the property.

The hotel has a total area of 18,000,000 square feet, with approximately 11,000 keys. The price per key was approximately $115,455, and the price per square foot was around $71.

Players

EP
Edward Pitoniak
3 deals$2.5B volume
BUYER
Jon Gray
Blackstone
Jon Gray
20 deals$7.3B volume
SELLER
ST
Scott Trebilco
3 deals$2.5B volume
SELLER
Blackstone
Blackstone
SELLER

Details

SOLD
IMAGE: Edward Pitoniak DATE: 12/01/2022 ADDRESS: 3799 S Las Vegas Blvd & 3950 Las Vegas Boulevard South MARKET: Las Vegas, Nevada ASSET TYPE: Hotel BUYER: VICI Properties Inc. - Edward Pitoniak SELLER: Blackstone Real Estate Income Trust, Inc. (@Blackstone) - Jon Gray & Scott Trebilco SALE PRICE: $1,270,000,000 (Approx.) KEYS: 11,000 ~ PPK: $115,455 SF: 18,000,000 ~ PPSF: $71 STAKE: 49.9%

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$67,733,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,512,041.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,020,447.92
Annual Debt Service$72,245,375.09