Breaking news about deals, development, data and more.
Boyd Gaming interested in Penn Entertainment. U.S. casino
operator Boyd Gaming has reportedly expressed interest in acquiring Penn
Entertainment with an offer for that has a market value of more than $9
billion, including debt, according to people familiar with the matter. A deal
would be the biggest merger among U.S. gambling companies since Eldorado
Resorts' $17.3 billion acquisition of Caesars Entertainment in 2020. Boyd’s
current value, including debt, is approximately $7.8 billion. Boyd would need
approval of Walt Disney, which has a partnership with Penn through sports
network ESPN. Penn operates 43 casinos and racetracks across 20 U.S. states, as
well as online sports betting and online casino gambling in several locations.
Two firsts for First. First Hospitality, Chicago, has assumed
management and operations of the DoubleTree by Hilton Hotel Atlanta Airport and
The Gem Museum Suites, an independent property in Evanston, Illinois. The 220-room
DoubleTree by Hilton Hotel Atlanta Airport marks the first property in the
state of Georgia for First Hospitality and the first property with CrossHarbor
Capital Partners. The 71-room Gem Museum Suites is the company’s first property
in Evanston and first venture with owner Cameel Halim.
Richmond OZ project launched. Capital Square, a sponsor of tax-advantaged real estate investments and an active developer and manager of housing communities, has launched CSRA Opportunity Zone Fund IX, LLC. The project-specific opportunity zone fund will raise capital to develop an approximately 320-unit, mixed-use apartment community and luxury hotel in the Scott's Addition designated opportunity zone in Richmond, Virginia. CSRA Opportunity Zone Fund IX seeks to raise $77 million in equity from accredited investors.
NH brand coming to Bangkok. Minor Hotels has signed a
management agreement with Boulevard Hotel Co. Ltd. for a 309-key hotel in
central Bangkok, Thailand. The signing will introduce Minor Hotels’ NH Hotels
& Resorts brand in the Thai capital and will be the second NH property in
Thailand after the NH Boat Lagoon Phuket Resort. Currently operating as the
Boulevard Hotel Bangkok. Minor Hotels expects to rebrand the property as NH
Bangkok Sukhumvit Boulevard in Q4 of this year.
Malmaison in York trades. Real estate investor Firethorn Trust
has acquired the 150-room Malmaison Hotel in York, England, for an undisclosed
price in an off-market deal. The property is under a 35-year lease with a
current rental income of £2.1m per annum.
IHCL grows in Goa. Indian Hotels Co. Ltd. (IHCL) has signed
a deal with developer Bharat Realty Venture Pvt Ltd for a 170-key, beachfront,
greenfield Taj hotel in Anjuna, North Goa. It marks IHCL’s
six Taj hotel in Goa. With the addition of this hotel, IHCL will have 16 hotels
across Taj, SeleQtions, Vivanta and Ginger brands in Goa,
including five under development.