MGM Resorts International (NYSE: MGM) subsidiary CityCenter Holdings, LLC has reportedly agreed to sell its Mandarin Oriental Las Vegas property, a luxury, non-gaming hotel located on the Las Vegas Strip, for a cash sum of about $214 million.
CityCenter, which is a joint venture of MGM Resorts International and Dubai World subsidiary Infinity World Development Corp., is operated by Mandarin Oriental Hotel Group.
In addition to the 47-story, 392-room hotel, the undisclosed buyer will also receive the adjacent retail parcels, and according to the press release, the transaction will conclude this summer.
Opened in 2009, the hotel is located at the southern end of The Strip and across from the upscale luxury-goods shopping mall, Shops at Crystals, and features a two-level 27,000 square-foot spa, 12,000 square feet of meeting and event space, two dining establishments, a bar, lounge and pool café
The Mandarin is owned by CityCenter Holdings, which owns the Aria Resort & Casino, Vdara and the twin 37-story, 480-foot, Veer Towers located within CityCenter.
Earlier this month, MGM Resorts International entered into an agreement to sell its stake in the Grand Victoria Casino Elgin to Reno-based gaming company Eldorado Resorts Inc. (Nasdaq: ERI) for $327.5 million.The Elgin, Illinois property is owned equally by MGM and a Pritzker family limited partnership, RBG LP. The acquisition will reportedly be finalized later this year.