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San Diego-Based Realty Income Corp. will invest nearly $1 billion in the Bellagio Hotel on the LasVegas Strip and take a near 22 percent investment in the hotel.Realty Income Corp. acquired $950 million in stock from The Blackstone Group.There will be no cosmetic changes to the Bellagio.Blackstone will still retain 73 percent ownership of the hotel and is raising cash in what amounts to a real estate deal.“Realty Income seeks to invest in high-quality real estate at scale in partnership with operators who are leaders in their respective industries,” Realty Income President and CEO Sumit Roy said in a statement. “This transaction to acquire an interest in the Bellagio, an iconic property, represents our second investment in the gaming industry and exemplifies the advantages of our size, scale and access to capital. We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture. Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.”Nadeem Meghji, CEO of Blackstone Real Estate Americas, said the deal was good for all involved.“The Bellagio is an iconic property in the heart of the Las Vegas Strip and we look forward to our continued ownership of this asset, now in partnership with Realty Income. This partial sale represent another terrific outcome for BREIT (Blackstone) shareholders,” she said.The deal strengthens Bellagio’s position as one of the premier destinations in Las Vegas. Shares in Blackstone rose 66 cents in trading on Friday.
Frank Belzer is the chief sales and marketing officer at Icon Park in Orlando and also serves on the board of the Grand Canyon...
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