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BREIT sells 21.9% stake in Bellagio

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HomeBREIT sells 21.9% stake in Bellagio

BREIT sells 21.9% stake in Bellagio

Blackstone Real Estate Income Trust, better known by its acronym BREIT, is a subsidiary of the American investment fund Blackstone.

Just a few days ago, it made a particularly interesting announcement. It was announced that BREIT had agreed to sell 21.9% of its interest in the Bellagio hotel-casino property on the Las Vegas Strip to the US property management company Realty Income.

The transaction is worth 950 million dollars, or around 879 million euros. As a result, the Bellagio hotel-casino is currently valued at no less than $5.1 billion (around 4.72 billion euros).

The transaction is expected to be finalized in the fourth quarter of 2023.

Rumours had been circulating about the Bellagio for some time now. Nevertheless, we had to wait for the announcement on Friday August 25, which is the subject of today’s news, to officially confirm some of these rumours.

According to a recent press release, BREIT will retain a 73.1% stake in the prestigious hotel-casino on the Las Vegas Strip. Realty Income, meanwhile, will take a 21.9% stake.

Of course, this will have to wait until the transaction has been finalized, which should be in the fourth quarter of 2023. The operator of the Bellagio, MGM Resorts International, will retain its 5% stake in the hotel-casino’s real estate.

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>>> Read also: “$110 million renovation announced at Bellagio”

20% more than 2019 for the Bellagio

With this sale, it has to be said that BREIT has just completed a very nice financial operation. Indeed, when it acquired 95% of the Bellagio’s real estate, over the course of 2019, it disbursed “only” $4.25 billion.

The price he obtained for the 21.9% stake therefore implies that the hotel-casino is currently worth 20% more than he had to fork out in 2019.

This is a superb additional performance that should be added to others that the Blackstone investment fund has achieved in recent times on the Las Vegas Strip in Nevada. In December 2022, for example, it sold its 49.9% stakes in Mandalay Bay and MGM Grand to VICI Properties for $4.27 billion.

In September 2021, he announced the sale of the Cosmopolitan for $5.65 billion, almost triple what he had bought it for 7 years earlier.

Opened on October 15, 1998, the Bellagio has established itself as one of the most luxurious and prestigious hotel-casinos on the Las Vegas Strip. Known among other things for its emblematic fountains, it boasts over 4,400 rooms and suites and a gaming area covering 10,776 m².

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