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Phoenix & Southwest  + Arizona  + Hospitality  |  September 5, 2023
VICI secures $140M refi for Tucson's Canyon Ranch
Mike Boyd
By: Mike Boyd

Tucson’s Canyon Ranch Calls On VICI for Refi

VICI is known in Las Vegas. It has a piece of 49 casinos, including Caesar’s Palace Las Vegas, MGM Grand and the Venetian.

The company has expanded its reach by providing mortgage financing for Canyon Ranch Tucson and Canyon Ranch Lenox in an amount of $140,135,000. Canyon Ranch Spa Tucson is at 8600 E Rockcliff Road in Tucson.

The mortgage financing is part of the previously announced VICI-Canyon Ranch Growth Partnership, in which VICI entered into a call rights agreement whereby VICI will have the option to purchase the real estate assets of each of Canyon Ranch Tucson and Canyon Ranch Lenox, subject to certain conditions.  If the call right(s) are exercised, Canyon Ranch would continue to operate the applicable wellness resort(s) subject to a long-term triple net master lease with VICI and the transaction proceeds would be applied to repay the mortgage financing.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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