Eldorado Resorts has agreed to sell a 438-room casino resort in Nevada as hotel owners in Virginia and Florida have picked up new properties.
Eldorado entered into a definitive agreement to sell the Montbleu Resort Casino & Spa in Lake Tahoe, Nev., to Maverick Gaming. The transaction is subject to regulatory approvals and other customary closing conditions and is expected to close in the second half of 2020. Macquarie Capital is acting as exclusive financial advisor and Milbank LLP is acting as legal counsel to Eldorado. Montbleu Resort includes a 45,000-square-foot casino, 438 guestrooms, nearly 14,000 square feet of event space and three restaurants. Eldorado announced last summer plans to buy Caesars Entertainment Corp. for approximately $17.3 billion. According to Eldorado CEO Tom Reeg, that transaction is still expected to close in the first half of 2020.
Related Story: Eldorado Resorts agrees to sell property for $230M
Denver-based Stonebridge Cos. acquired the Residence Inn by Marriott Herndon (Va.) Reston for $17.25 million off market from LNR Partners. The 168-room property, now operated by Stonebridge, includes a seasonal outdoor pool, a 24-hour market, a business center and meeting space. Stonebridge’s portfolio consists of 64 hotels with approximately 12,000 guestrooms.
In Florida, DSH Hotel Advisors arranged the sale of the Microtel Inn & Suites by Wyndham Zephyrhills from Nilkanth Hotel to Blueturn. The 63-room hotel sold for $4 million. According to Dennis Hopper, DSH Hotel Advisors’ managing principal, Blueturn plans to conduct improvements on the property to boost performance and value.