NATIONAL REPORT—Tropicana Entertainment Inc., a majority owned subsidiary of Icahn Enterprises L.P., has been officially acquired by Eldorado Resorts Inc.; Union Investment snapped up a property in Charleston, SC; and there’s more transactions:
Eldorado Resorts Completes Tropicana Entertainment Acquisition
Eldorado Resorts Inc. has completed its previously announced acquisition of Tropicana Entertainment Inc.
The transaction further increases the company’s scale and is expected to be immediately accretive to Eldorado’s free cash flow and diluted earnings per share, inclusive of identified expected cost synergies of approximately $40 million expected to be realized in Eldorado’s first year of operation of Tropicana.
Union Investment Acquires Dual-Brand in Charleston, SC
Union Investment has acquired a 304-room dual-brand property, which comprises a Hyatt House and Hyatt Place, in Charleston, SC.
The vendor of the property is Regent/BN Charleston Holdings LLC. The hotels are leased for 30 years to the operator, the Pyramid Hotel Group. The purchase price is not disclosed. Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund UniImmo: Global.
HFF Secures $110M Financing for Mixed-Use Project in Denver
Holliday Fenoglio Fowler L.P. (HFF) has secured $110 million in financing for A Block, a 310,055-sq.-ft. mixed-use development comprising the 200-key Kimpton Hotel Born; a 54,976-sq.-ft., Class A office building with ground-level retail space; and a 197-space parking garage in downtown Denver.
The HFF team worked on behalf of the borrower, Continuum Partners LLC, a Denver-based firm specializing in urban, mixed-use developments, to place the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was also placed by HFF in 2015.
Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail component. The hotel has 13,937 sq. ft. of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The 100%-occupied office building also contains 7,929 sq. ft. of ground-floor retail leased to national tenants.
The HFF debt placement team representing the borrower consisted of Senior Managing Director Eric Tupler, Director Leon McBroom and Associate Tyler Dumon.
CHC Secures Acquisition Financing for Holiday Inn Express in MD
Cronheim Hotel Capital (CHC) has arranged acquisition financing of $6.24 million for the Holiday Inn Express located in Waldorf, MD. The loan was placed with a national lender and offered a 10-year term and 30-year amortization.
The 91-key property was converted from a Days Inn by the seller in 2014. During their first year of ownership, the borrower will complete a PIP which will make the property fully compliant with IHG’s current brand standards.