Hall of Fame Resort & Entertainment Company Secures $40 Million Loan from Aquarian Holdings
December 02 2020 - 8:00AM
Business Wire
Hall of Fame Resort & Entertainment Company (“HOFV” or the
“Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment
and media company centered around the power of professional
football and owner of the Hall of Fame Village powered by Johnson
Controls (“the Destination”), today announced that it has entered
into a definitive financing agreement (the “Agreement”) arranged by
an affiliate of Aquarian Holdings (“Aquarian”).
Under the terms of the Agreement, HOFV secured a $40 million
loan (the “Loan”) that it will use to repay the balance of an
existing bridge loan. The remaining funds from both this Agreement
and the Company’s recent equity raise will provide additional
working capital to help advance HOFV’s strategic priorities
including the continued construction of Phase II of the
Destination. The Loan has a term of 12 months with the potential to
extend for an additional 12 months.
In addition to the brand new DoubleTree by Hilton hotel that has
been renovated in downtown Canton, upon completion, Phase II will
feature: the Center for Performance, a 100,000-square-foot,
state-of-the-art indoor field house and training facility; the
Constellation Center for Excellence, a 75,000-square-foot,
mixed-use facility; an indoor, football-themed waterpark;
additional youth fields; a retail promenade; stadium expansions;
and a premium, on-campus hotel.
“We are pleased to complete this financing agreement with a
great partner in Aquarian, which allows us to address our debt
maturity while at the same time provides us with the optionality to
move our strategic business plan forward for Phase II. This
includes further development of our business verticals and
continued build-out of our one-of-a-kind destination,” said Michael
Crawford, President and CEO of HOFV. “We are energized by the great
progress we’re making and look forward to further advancing both
our near- and long-term objectives for our investors.”
Since becoming a publicly traded company in July 2020, HOFV has
made considerable progress growing its different business verticals
and diversifying its revenue streams. The Company successfully
completed a $28 million renovation and opening of the DoubleTree by
Hilton Canton Downtown, has broken ground on the Constellation
Center for Excellence, and signed partnerships with a number of
high-profile companies such as Shula’s Restaurant Group, Sports
Illustrated Studios, TopGolf and Republic Services. HOFV has also
acquired and rebranded the first community-backed national fantasy
football league in The Hall Of Fantasy League, and helped establish
the NFL Alumni Academy, which has enjoyed a successful first
season.
About the Hall of Fame Resort & Entertainment
Company
The Hall of Fame Resort & Entertainment Company (NASDAQ:
HOFV, HOFVW) is a resort and entertainment company leveraging the
power and popularity of professional football and its legendary
players in partnership with the Pro Football Hall of Fame.
Headquartered in Canton, Ohio, the Hall of Fame Resort &
Entertainment Company is the owner of the Hall of Fame Village
powered by Johnson Controls, a multi-use sports, entertainment and
media destination centered around the Pro Football Hall of Fame's
campus. Additional information on the Company can be found at
www.HOFREco.com.
About Aquarian Holdings
Aquarian Holdings is a diversified holding company with
interests in businesses including insurance, asset management, real
estate, and technology. We draw on our decades of collective
experience to provide debt and equity capital solutions that meet
the objectives of our partners and portfolio companies. For more
information, please visit www.aquarianlp.com.
Forward-Looking Statements
Certain statements made herein are “forward-looking statements”
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words and phrases such
as “opportunity,” “future,” “will,” “goal,” and “look forward” and
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, that may affect actual results or outcomes
include the inability to recognize the anticipated benefits of the
business combination; costs related to the business combination;
the inability to obtain or maintain the listing of the Company’s
shares on Nasdaq; the Company’s ability to manage growth; the
Company’s ability to execute its business plan and meet its
projections; potential litigation involving the Company; changes in
applicable laws or regulations; general economic and market
conditions impacting demand for the Company’s products and
services, and in particular economic and market conditions in the
resort and entertainment industry; the potential adverse effects of
the ongoing global coronavirus (COVID-19) pandemic on capital
markets, general economic conditions, unemployment and the
Company’s liquidity, operations and personnel, as well as those
risks and uncertainties discussed from time to time in our reports
and other public filings with the SEC. The Company does not
undertake any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201202005473/en/
Media/Investors:
For Hall of Fame Resort & Entertainment Company Media
Inquiries: public.relations@hofreco.com Investor Inquiries:
investor.relations@hofreco.com
For Aquarian Holdings Media Inquiries: Anthony Lacavaro;
alacavaro@aquarianlp.com
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