- Launches with VICI’s $300 Million Investment
into One Beverly Hills
- Marks the Beginning of a Broader
Collaboration Focused on Transformative, Experience-Driven Real
Estate Investments
VICI Properties Inc. (NYSE: VICI) (“VICI” or “VICI Properties”),
Cain International (“Cain”), and Eldridge Industries today
announced that the parties established a strategic relationship,
pursuant to a non-binding letter of intent, dedicated to investing
in high-growth, experience-driven real estate. The letter of intent
expresses the parties’ shared intention to work collaboratively to
identify and pursue experiential investment opportunities that meet
each party’s investment objectives. The collaboration launches with
VICI’s $300 million investment into a mezzanine loan related to the
development of One Beverly Hills, a landmark 17.5-acre luxury
mixed-use development.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20250219403839/en/
Rendering of One Beverly Hills | Beverly
Hills, CA (Photo: Business Wire)
One Beverly Hills, developed by Cain and master planned by
Foster + Partners, will be anchored by Aman Beverly Hills, bringing
Aman’s first West Coast hotel, Aman-branded residences, and Aman
Club to Beverly Hills. The masterplan will also include a
full-scale refurbishment of The Beverly Hilton, preserving the
Hollywood landmark’s status as a premier luxury destination while
integrating it into the broader masterplan.
Alongside its hospitality and residential offerings, One Beverly
Hills will feature 10 acres of botanical gardens and open space,
creating a lush, walkable setting with high-end retail, dining, and
cultural experiences woven into the landscape.
The Project has already commenced construction and is expected
to be completed late 2027.
Key components of One Beverly Hills include:
- Aman Beverly Hills: One
Beverly Hills will include Aman Beverly Hills as its centerpiece,
the brand’s first West Coast destination, featuring an all-suite
Aman Hotel and Aman-branded residences designed by Kerry Hill
Architects overlooking the Los Angeles Country Club and lush
private gardens. Residents will enjoy access to Aman’s signature
amenities, including an Aman Club, the brand’s private global
membership club offering wellness, dining, and social spaces.
- The Beverly Hilton:
Longtime host of the Golden Globes and the annual Milken Institute
conference, The Beverly Hilton is a cornerstone of Beverly Hills’
hospitality landscape. As part of the One Beverly Hills
development, the hotel will undergo a renovation by David Collins
Studio, blending contemporary design with its rich heritage. The
refurbishment will enhance the guest experience while preserving
the hotel’s legacy, ensuring it remains a premier destination for
generations to come.
- Retail and F&B: One
Beverly Hills will feature a carefully curated selection of luxury
retail and dining that complements the world-renowned shopping and
hospitality of nearby Rodeo Drive, integrating into the
development’s broader vision with a dynamic mix of global brands,
high-end boutiques, and world-class culinary destinations.
- Botanical Gardens: Over 10
acres of botanical gardens and open space, designed by
award-winning landscape architect Mark Rios, will shape the
landscape of the development, creating a lush, walkable environment
that blends nature with urban sophistication and provides a
tranquil setting for residents, guests, and visitors. The outdoor
space will include 5.5 acres of private botanical gardens
exclusively for Aman residents, hotel guests, and club members,
while 4.5 acres will be open to the public for the first time.
Key Commentary:
- Experiential Tailwinds - Todd Boehly, Chairman and CEO of
Eldridge Industries, majority owner of Cain International: “Our
partnership with VICI and AMAN brings together preeminent luxury
brands and exceptional real estate, making One Beverly Hills one of
the most exciting and cutting-edge developments in the
country."
- Future of Real Estate and LA - Jonathan Goldstein, Co-Founder
& CEO of Cain International: "The industry is evolving, with
demand shifting towards developments that blend luxury,
hospitality, and experience to create enduring destinations—and we
believe One Beverly Hills will be one of the most impactful
blueprints for the future of real estate. VICI’s investment not
only underscores the strength of world-class projects like this, it
reinforces Los Angeles’ position as a leading global city, and we
are delighted to be partnering with them in our shared commitment
to this vision."
- Relationship-Based Capital - Edward Pitoniak, CEO of VICI
Properties: “Since VICI emerged in 2017, we have grown our company
by growing our relationships. We have identified Cain International
and Eldridge Industries as partners we intend to grow with for
years to come. We’re excited to begin our relationship with VICI’s
commitment to One Beverly Hills, a powerful example of Cain’s
distinct ability to envision and develop compelling experiential
complexes in the world’s leading destinations.”
VICI funded the investment with a combination of cash on hand
and drawing down funds under its existing revolving credit
facility.
In addition to this release, VICI Properties has furnished a
Transaction Overview presentation that can be found on VICI’s
website at
https://investors.viciproperties.com/events-and-presentations/.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate
investment trust that owns one of the largest portfolios of
market-leading gaming, hospitality, wellness, entertainment and
leisure destinations, including Caesars Palace Las Vegas, MGM Grand
and the Venetian Resort Las Vegas, three of the most iconic
entertainment facilities on the Las Vegas Strip. VICI Properties
owns 93 experiential assets across a geographically diverse
portfolio consisting of 54 gaming properties and 39 other
experiential properties across the United States and Canada. The
portfolio is comprised of approximately 127 million square feet and
features approximately 60,300 hotel rooms and over 500 restaurants,
bars, nightclubs and sportsbooks. Its properties are occupied by
industry-leading gaming, leisure and hospitality operators under
long-term, triple-net lease agreements. VICI Properties has a
growing array of real estate and financing partnerships with
leading operators in other experiential sectors, including Cabot,
Cain International, Canyon Ranch, Chelsea Piers, Great Wolf
Resorts, Homefield, Kalahari Resorts and Lucky Strike
Entertainment. VICI Properties also owns four championship golf
courses and approximately 33 acres of undeveloped and
underdeveloped land adjacent to the Las Vegas Strip. VICI
Properties’ goal is to create the highest quality and most
productive experiential real estate portfolio through a strategy of
partnering with the highest quality experiential place makers and
operators. For additional information, please visit
www.viciproperties.com.
About Cain International
Cain International is an alternative asset manager specializing
in real estate investment solutions. As of September 30, 2024, the
firm held $17.7 billion in assets under management through its real
estate equity, credit, and private equity platforms. Its global
portfolio spans a diverse range of sectors, with a focus on
residential, hospitality, commercial, mixed-use developments and
leading brands.
Beyond its direct real estate investments, Cain’s experiential
and lifestyle portfolio spans premium hospitality, sports, and
immersive entertainment. Its portfolio includes high-profile assets
such as The St. James, a premier performance training and sports
destination; Delano, a globally recognized hospitality brand with
locations in Paris, Dubai, and an upcoming opening in Miami; and
Swingers Crazy Golf, an experiential entertainment concept with
venues in London, New York, Washington, D.C., and Las Vegas.
Cain is a partnership between its CEO, Jonathan Goldstein, and
Eldridge Industries. To learn more about Cain International, please
visit www.cainint.com.
About Eldridge Industries
Eldridge Industries invests in businesses across the Insurance,
Asset Management, Technology, Mobility, Sports & Gaming, Media
& Music, Real Estate, and Consumer landscapes. The firm seeks
to build and grow businesses led by proven management teams that
have demonstrated leadership and experience to scale an enterprise.
Eldridge Industries has offices in Miami, Greenwich, Beverly Hills,
New York, and London. To learn more about Eldridge Industries,
please visit www.eldridge.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. You can identify these
statements by our use of the words “assumes,” “believes,”
“estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,”
“will,” and similar expressions that do not relate to historical
matters. All statements other than statements of historical fact
are forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
involve known and unknown risks, uncertainties, and other factors
which are, in some cases, beyond VICI’s control and could
materially affect actual results, performance, or achievements.
Among those risks, uncertainties and other factors are risks that
the transactions may not be consummated on the terms or timeframe
described herein, or at all; the ability of the parties to satisfy
the conditions set forth in the definitive transaction documents
for the transactions, including the ability to receive, or delays
in receiving, the governmental and regulatory approvals and/or
consents required to consummate the transactions; the terms on
which VICI finances the transactions, including the source of funds
used to finance such transactions; disruptions to the real property
and operations of the subject property during the pendency of the
closing of the transactions; and the historical financial and
operating results of the subject property may not be a reliable
indicator of their future results. Additional important risk
factors that may affect VICI’s business, results of operations and
financial position (including those risks relating to VICI’s
pending and recently completed transactions) are detailed from time
to time in VICI’s filings with the Securities and Exchange
Commission. VICI does not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as may be required
by applicable law.
Press Release Category: Transactions
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250219403839/en/
VICI Properties: Investors: Investors@viciproperties.com
(646) 949-4631 Or David Kieske EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey SVP, Capital Markets
MMcCloskey@viciproperties.com
LinkedIn: www.linkedin.com/company/vici-properties-inc
Cain International: General Enquiries:
media@cainint.com
Eldridge Industries: Prosek Partners Nadia Damouni
Ndamouni@prosek.com
Vici Properties (NYSE:VICI)
Historical Stock Chart
From Jan 2025 to Feb 2025
Vici Properties (NYSE:VICI)
Historical Stock Chart
From Feb 2024 to Feb 2025
