ARIA also offers a dynamic selection of bars and lounges, including the seductive HAZE Nightclub. Joining this illustrious group are two newcomers to the Las Vegas scene – Michelin three-star Chef Masa Takayama and James Beard Foundation’s Award-winning Chef Shawn McClain. From complimentary airport limousine transportation to a personal greeting upon arrival into Sky Suites’ private entrance, Sky Suites guests receive dedicated service throughout their stay.ĪRIA has assembled an impressive collection of the some of the world’s most critically acclaimed chefs and restaurateurs, including Michael Mina, Julian Serrano, Jean-Georges Vongerichten, Sirio Maccioni and Jean-Philippe Maury. In addition to this hotel-within-a-hotel’s lavish accommodations, Sky Suites adds personalized touches. The touch of a button controls temperature, music and TV channels, privacy notifications, and alarm clock and light settings.įor an elevated level of luxury, the ARIA Sky Suites are the ultimate destination for discerning guests. Upon first entering the room, each guest will experience a truly unique welcome: curtains open, lights turn on and the TV displays a menu of options, allowing them to personalize their experience. Each room and suite features panoramic floor-to-ceiling windows, custom-designed bedding and cutting-edge technology – which creates that hallmark experience for these plush retreats. Once MGM closes the Vdara and Aria sale as well as a previously announced sale of its MGM Springfield property to MGM Growth Properties, the company will operate all of its resorts around the US but will not own them.īlackstone also owns The Cosmopolitan of Las Vegas, which it purchased in 2014 in a $1.73 billion deal.ARIA guests experience pure bliss upon entering their luxurious guestroom.
The joint venture then leased the hotel and casino resorts to MGM for an initial rent of $292 million. Just a couple of months later, MGM’s real estate investment trust, MGM Growth Properties, entered into a definitive agreement with Blackstone Real Estate Income Trust, an entity of Blackstone, to form a joint venture and acquire the real estate assets of MGM Grand and Mandalay Bay for a total of $4.6 billion. MGM said at the time that the sale would help it “build a fortress balance sheet and return capital to shareholders.” The New York-back financial services group then leased back the luxury resort to its former owner for an initial rent of $245 million a year. In the fall of 2019, MGM sold its iconic Bellagio property to Blackstone for $4.2 billion. It should be noted that this is not the first time MGM and the private equity firm enter into a multi-billion-dollar sale-leaseback deal. Latest Blackstone Dealīlackstone has aggressively been pursuing expansion in Las Vegas over the past decade, and particularly in recent years, scooping premium Strip properties. The executive further noted that they plan to use the proceeds from the transactions to “enhance our financial flexibility and secure new growth opportunities” and that the money could go toward enhancing MGM’s online casino and mobile betting product as well as toward upgrading other company properties. MGM President and CEO said Thursday that Cit圜enter has “consistently elevated the Las Vegas experience” and that the deal with Blackstone “demonstrates the unprecedented premium value of our real estate assets.” The recently initiated transactions are part of the casino powerhouse’s “asset light” strategy that involves shedding properties to generate cash and use it for endeavors with big growth potential, including sports betting and an integrated casino resort in Japan. Cit圜enter is a sprawling, 67-acre complex in the heart of the Las Vegas Strip that comprises the Aria and Vdara resorts, among other properties. MGM further announced Thursday that it is set to buy out the remaining 50% stake in its Cit圜enter joint venture from a unit of its partner, investment firm Dubai World for $2.12 billion.
Both transactions are expected to close by the end of this quarter.
Las Vegas casino operator MGM Resorts International has agreed to sell Aria Resort & Casino and Vdara Hotel & Spa to New York-based private equity firm The Blackstone Group in a $3.89 billion deal.īlackstone will lease the resorts back to MGM for an initial annual rent of $215 million, it also became known.
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