CityCenter Holdings LLC, the joint venture between MGM Resorts International and Infinity World Development Corp (a wholly owned subsidiary of Dubai World), has confirmed the $214m sale of its Mandarin Oriental Las Vegas property to Hilton.
The latest luxury hotel chain to hit the Las Vegas strip, Hilton is to see the 389-room casino less property be promptly re-branded as Waldorf Astoria Las Vegas.
Jim Murren, chairman and chief executive officer of MGM Resorts International, commented: “CityCenter has continued to deliver strong operating results and has cemented itself as a premier luxury destination in Las Vegas.
“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.”
“We thank the employees of the Mandarin Oriental Las Vegas and welcome the Waldorf Astoria team to the CityCenter campus,” added Bill Grounds, president and COO of Infinity World Development Corp. “We wish them all the best in the future.”
Confirming the deal, Hilton has praised its new entity’s close proximity to a plethora of major Las Vegas attractions, with the mixed-use development located between the Bellagio and Park MGM resorts.
Amongst the entertainment offerings near-by the Waldorf Astoria Las Vegas are the famed Bellagio fountains, 20,000 seater T-Mobile Arena and the 4,004 room ARIA Resort and Casino.
Quoted in the Las Vegas Review-Journal, Dino Michael, global brand head of Waldorf Astoria Hotels and Resorts, stated: “We’ve been looking to enter the Vegas market for some time, it just felt somewhere we needed to be.
“First and foremost, what we want when you arrive into our hotels is to have a real sense of place.
“I think if you arrive to our hotel and you don’t get a sense of geography or location, I think we’ve probably failed to meet the luxury guest expectation.”