Las Vegas · Luxury
Bellagio
3933 keys · Las Vegas · Bellagio
2019 real-estate sale-leaseback. Price is land and building under a lease, not a conventional hotel sale.
Public tape · 168 of 282 · 2019
Sale-leasebackNov 15, 2019Historical cited · 2019
Bellagio real estate — sale-leaseback to Blackstone / GIC
MGM sold Bellagio real estate to Blackstone Real Estate and GIC and leased it back. This is a financing/real-estate structure, not a conventional going-concern hotel sale. Cap-rate comparisons to a boutique independent will mislead.
$4.25B
Cited consideration · 3933 keys · $1.1M / key
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
News or press — not a filing. Harbor will not invent a confidential consideration.
Deal FrameLiving packetLabeled estimateCompare this tape2019 cited corpus
- Corpus
- Historical cited · 2019
- Keys at tape
- 3933
- Segment
- Luxury
- Market
- Las Vegas
- Hotel
- Bellagio
- Buyer
- Blackstone
- Seller
- MGM Resorts International
Source
MGM Resorts announcement, 2019
https://investors.mgmresorts.comDesks on the graph
Attached when a press release or public pattern names the firm. Not an unpublished book.
Estimate ↔ tape
The worksheet next to the filing
Cited consideration on the left. Harbor’s labeled defaults on the right. A gap is a question, not a bid. Portfolio tapes and seller paper stay footnoted. Not an appraisal.
- Tape
- $4.25B
- Worksheet
- $8.54B
- Gap
- +101%
$1,080,600 / key · 3933 keys
$2,172,480 / key · Harbor defaults
Las Vegas · worksheet vs tape PPK
Sale-leaseback of real estate. MGM continued to operate under a long lease.
MGM Resorts announcement, 2019
News or press — not a filing. Harbor will not invent a confidential consideration.
The house
Run the labeled estimate
Worksheet, not an appraisal. Shock cap ±50 bps and ADR ±10% before you treat any number as a bid.
Same house or same market · 2
Related public tapes
Same hotel first, then the same market and segment. Structure footnotes stay on the tape. This is not a paid comps service.
News / press releaseMay 2, 2022
The Cosmopolitan of Las Vegas — Blackstone to MGM
The Cosmopolitan of Las Vegas · 3027 keys · Luxury
Consideration
$5.65B
$1.9M / key
Total consideration: cash, assumed CMBS, and residual land — not rooms-only.
MGM Resorts press release (announced 2021; closed 2022)
MGM acquired The Cosmopolitan from Blackstone. Published consideration mixed cash, $3.68B CMBS assumption, and residual land. Hotel-casino. Do not use this PPK on a rooms-only boutique.
News / press releaseMay 15, 2014
The Cosmopolitan of Las Vegas — Deutsche Bank to Blackstone
The Cosmopolitan of Las Vegas · 3027 keys · Luxury
Consideration
$1.73B
$572k / key
Hotel-casino going-concern. Not a rooms-only boutique tape.
The New York Times DealBook, May 2014
Blackstone agreed to buy The Cosmopolitan from Deutsche Bank for $1.73 billion. Hotel-casino. Use as a structure-aware Strip tape, not a 120-key independent comp. Later 2022 MGM consideration is a different capital stack.