Shopping malls, according to a Marriott release, “are increasingly becoming ideal hotel destinations, offering consumers amenities steps from their room and providing both companies a powerful combination that optimizes real estate values.”
Its buyers are Shahal Khan, founder of Dubai-based family office White City Ventures, and Kamran Hakim, of New York landlord Hakim Organization.
Two longtime Wynn Resorts board members, Ray Irani and Alvin Shoemaker, stepped down in the wake of the scandal, with Shoemaker leaving when his term ends in 2019.
The Bethesda, Maryland-based owner of 41 upscale hotels hasn’t publicly said that it’s exploring strategic alternatives.
Gaming and Leisure will pay $1.21 billion for most of Tropicana’s casinos and will lease the properties to Eldorado.
Occupancies are unlikely to rise much higher than their current high level. And property prices are already so high they are unlikely to increase much more relative to incomes.
The complex is rising on land whose previous owners include two convicted felons, one with alleged mob ties.
The New York-based alternative-asset manager has amassed more than 100 select-service hotels in the U.S.
The partners are acquiring the 1,506-room, 800,000-sq.-ft. property for an undisclosed price.