VICI Properties Inc. Provides $140 Million Canyon Ranch Mortgage Financing
August 22 2023 - 4:15PM
Business Wire
VICI Properties Inc. (NYSE: VICI) (“VICI Properties”, “VICI” or
the “Company”) an experiential real estate investment trust, today
announced that the Company provided the previously announced
mortgage financing secured primarily by Canyon Ranch Tucson and
Canyon Ranch Lenox in an amount of $140,135,000. The proceeds from
the mortgage financing were used to refinance Canyon Ranch’s
existing CMBS secured by these two assets. The mortgage financing
has an initial term of two years with three one-year extensions,
exercisable at Canyon Ranch’s option, subject to satisfying certain
customary extension conditions.
The mortgage financing is part of the previously announced
VICI-Canyon Ranch Growth Partnership, in which VICI entered into a
call right agreement whereby VICI will have the option to purchase
the real estate assets of each of Canyon Ranch Tucson and Canyon
Ranch Lenox, subject to certain conditions. If the call right(s)
are exercised, Canyon Ranch would continue to operate the
applicable wellness resort(s) subject to a long-term triple net
master lease with VICI and the transaction proceeds would be
applied to repay the mortgage financing.
The $140 million mortgage financing was funded with cash on
hand.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate
investment trust that owns one of the largest portfolios of
market-leading gaming, hospitality and entertainment destinations,
including Caesars Palace Las Vegas, MGM Grand and the Venetian
Resort Las Vegas, three of the most iconic entertainment facilities
on the Las Vegas Strip. VICI Properties’ geographically diverse
portfolio consists of 50 gaming facilities across the United States
and Canada comprising approximately 124 million square feet and
features approximately 60,300 hotel rooms and more than 450
restaurants, bars, nightclubs and sportsbooks. Its properties are
occupied by industry leading gaming and hospitality operators under
long-term, triple-net lease agreements. VICI Properties has a
growing array of investing and financing partnerships with leading
non-gaming experiential operators, including Great Wolf Resorts,
Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns
four championship golf courses and 34 acres of undeveloped and
underdeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ goal is to create the highest quality and most
productive experiential real estate portfolio through a strategy of
partnering with the highest quality experiential place makers and
operators. For additional information, please visit
www.viciproperties.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
“will,” and similar expressions that do not relate to historical
matters. All statements other than statements of historical fact
are forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond VICI’s control and could
materially affect actual results, performance, or achievements.
Important risk factors that may affect VICI’s business, results of
operations and financial position are detailed from time to time in
VICI’s filings with the Securities and Exchange Commission. VICI
does not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as may be required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230822733560/en/
Investor: Investors@viciproperties.com (646) 949-4631
Or
David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey SVP, Capital Markets
MMcCloskey@viciproperties.com
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