VICI makes $300M bet on One Beverly Hills

BEVERLY HILLS, California – VICI Properties, Cain International and Eldridge Industries have established a strategic relationship with the intention to pursue experiential investment opportunities, launching with VICI’s $300 million investment into a mezzanine loan related to the development of One Beverly Hills, a 17.5-acre luxury mixed-use development anchored by the Aman Beverly Hills.

VICI, which owns 93 experiential assets that include Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, funded the investment with a combination of cash on hand and drawing down funds under its existing revolving credit facility.

One Beverly Hills, developed by Cain and master planned by Foster + Partners, will be Aman’s first West Coast hotel and will include Aman-branded residences and the Aman Club. The masterplan will also include a full-scale refurbishment of The Beverly Hilton. As of September 30, 2024, Cain held $17.7 billion in assets under management through its real estate equity, credit, and private equity platforms.

One Beverly Hills will also feature 10 acres of botanical gardens and open space, creating a walkable setting with high-end retail, dining, and cultural experiences.

The project has already commenced construction and is expected to be completed late 2027.

“The industry is evolving, with demand shifting towards developments that blend luxury, hospitality, and experience to create enduring destinations—and we believe One Beverly Hills will be one of the most impactful blueprints for the future of real estate,” said Jonathan Goldstein, Co-Founder & CEO of Cain International. “VICI’s investment not only underscores the strength of world-class projects like this, it reinforces Los Angeles’ position as a leading global city, and we are delighted to be partnering with them in our shared commitment to this vision.”

“We have identified Cain International and Eldridge Industries as partners we intend to grow with for years to come,” said Edward Pitoniak, CEO of VICI Properties. “We’re excited to begin our relationship with VICI’s commitment to One Beverly Hills, a powerful example of Cain’s distinct ability to envision and develop compelling experiential complexes.”