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Caesars Unloads LINQ Promenade for $275M
Caesars Entertainment is selling the LINQ Promenade to a joint venture to be formed between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust for $275 million.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals.” said Tom Reeg, CEO of Caesars Entertainment, Inc.
The LINQ Promenade is Caesars Entertainment’s shopping, dining and entertainment district located at the center of the Las Vegas Strip. It is home to 35+ restaurants and retail stores, such as Brooklyn Bowl, Gordon Ramsay Fish and Chips, IN-N-Out Burger, Razer, Yard House and more.
Attractions at the LINQ Promenade include The High Roller, North America’s Tallest Observation wheel, and Fly LINQ Zipline, the strip’s only zipline. Caesars opened the LINQ Promenade in 2013. In 2014, it underwent a $223 million renovation. The Linq includes a 33,890-square-foot casino and 2,250 rooms.
- ◦Sale/Acquisition
