CityCenter Holdings, LLC, a 50/50 joint venture between MGM Resorts International and Infinity World Development Corporation, closed the sale of the 392-room Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million in cash. On Friday, Hilton will begin rebranding the property on the city’s Strip to the Waldorf Astoria Las Vegas.
“CityCenter has continued to deliver strong operating results and has cemented itself as a premier luxury destination in Las Vegas,” says Jim Murren, chairman and ceo of MGM Resorts International. “As a result of its financial strength and the closing of this transaction, CityCenter expects to return approximately $200 million to its owners, MGM Resorts and Infinity World during the third quarter.”
The property also includes 12,000 sq. ft. of meeting space, five food and beverage outlets, a two-story spa spanning 27,000 sq. ft. and 225 residential units.
Photo: Courtesy of Mandarin Oriental Las Vegas