Breaking news on deals, development, data and more.
Yellowstone snags distressed NYC hotel. Yellowstone Real
Estate Investments has acquired the now-closed Midtown East Maxwell hotel in
New York City for $140 million. Yellowstone acquired the 697-key hotel in
Manhattan, which had an outstanding loan of $233.6 million from Greenwich,
Connecticut-based LoanCore Capital, at an auction. The hotel has been closed in
April 2022. The space formerly house the original W hotel in Manhattan.
Las Vegas Sands updates. The CEO of the Las Vegas Sands
expressed concerns about a $6 billion casino-resort on New York’s Long Island.
The LV Sands has proposed the development around the Nassau Coliseum, but it’s
opposed by Hofstra University, which is across the street. During the company’s
third-quarter earnings call, CEO Rob Goldstein said he learned last week that a
decision may not be made on the casino license until the first quarter of 2026.
The company also revealed it will spend $8 billion on its new Singapore
integrated resort tower, which is dubbed “Marina Bay Sands IR2”. The
development would have its own casino amenities, 570 rooms, a 15,000 sq. ft.
arena and 110,000 sq. ft. of meeting space. The new cost is much higher than
the original $3.3 billion investment that was announced in 2019. Construction
is scheduled to start in June 2025 with a completion date of January 1,
2031.
Prime Hotels acquires in NZ. Greater Wellington, New
Zealand-based Prime Hotels, a subsidiary of Prime Property Group, has acquired
the 148-key Waipuna Hotel & Conference Centre in Auckland from an
undisclosed buyer for an undisclosed sum. After the acquisition, Prime Hotels’
portfolio has nine properties across New Zealand.
New BWH finance program. At its annual convention last week,
BWH Hotels announced a new DEX 3.0 Finance Program initiative funded by BWH
Hotels which offers three custom financing packages to help hotels fund their
FF&E directly through BWH Hotels Supply. BWH noted at their event
that this year it reached $8.5 billion in international hotel revenue and
signed nearly 300 new properties, including our first-ever glamping resort, the
Zion Wildflower Resort at Zion National Park.
Bally’s moves up plans for new Vegas resort. Bally’s Corp. reported
that it aims to have part of its planned Las Vegas resort and casino completed
at the same time the Athletics’ Las Vegas ballpark is set to open in 2028. Bally’s
initially planned to have its hotel-casino project open after the A’s $1.5
billion stadium. Phase 1 would consist of a casino, a hotel tower and some food
and beverage options. The hotel towers are expected to be built in three
phases, with just over 3,000 rooms planned at completion.