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Phoenix & Southwest  + Southwest  + Hospitality  | 
Hotel investment sales, including that of the Venetian in Las Vegas, totaled 466.8 billion in 2021

VICI to Acquire Venetian Resort, Sands Expo for $4B

VICI Properties Inc. has entered into definitive agreements with Las Vegas Sands Corp. (LVS) to acquire all of the land and real estate assets associated with the Venetian Resort Las Vegas and the Sands Expo and Convention Center in Las Vegas for $4 billion in cash, representing a 6.25 percent cap rate. An affiliate of certain funds managed by affiliates of Apollo Global Management Inc. has agreed to acquire the operating company of the Venetian Resort for $2.25 billion, subject to customary closing conditions, of which $1.2 billion is in the form of a secured term loan from LVS and the remainder is payable in cash.

“There are few assets in American commercial real estate that deserve to be called monumental, but the Venetian Resort is truly monumental in both its spatial grandeur and in its economics,” says Edward Pitoniak, chief executive officer of VICI Properties.

Simultaneous with the closing of the transaction, the company will enter into a triple-net lease agreement for the Venetian Resort with an affiliate of the Apollo Funds. The lease will have an initial total annual rent of $250 million and an initial term of 30 years, with two 10-year tenant renewal options.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition