MGM Resorts International (NYSE: MGM) announced that it has entered into a definitive agreement to form a joint venture with Blackstone Real Estate Income Trust that values the real estate of Bellagio at $4.25 billion, which represents a purchase price multiple of 17.3x rent.
Elegant owns and operates seven hotels with 588 rooms and a beachfront restaurant on the island of Barbados. Six of the seven properties are situated along the prestigious west coast of Barbados commonly known as the 'Platinum Coast.' The majority of Elegant properties are operated as all-inclusive resorts.
Marriott International, Inc. (NASDAQ: MAR) today announced that it has purchased the 270-room W New York Union Square in the heart of Manhattans dynamic Union Square neighborhood. The company paid $206 million for W New York Union Square, with plans for a significant renovation.
IHG has made its foray into Micronesia following the signing of an agreement with owner Tan Holdings to take on management of Fiesta Resort Guam. The hotel will join the IHG system from today and will rebrand as Crowne Plaza Resort Guam in early 2021, following an extensive, multi-million dollar refurbishment.