CityCenter Holdings Enters Into Definitive Agreement to Sell the Mandarin Oriental Las Vegas for $214 Million
CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp, today announced that it has recently entered into a definitive agreement to sell the Mandarin Oriental Las Vegas (the "Hotel") and adjacent retail parcels for approximately $214 million in cash, subject to satisfactory completion of due diligence and customary closing conditions. The transaction is expected to close in the summer of 2018.
The Hotel is located at the entryway of CityCenter and in the heart of the Las Vegas Strip featuring 392 guestrooms, including 57 suites, 12,000 square feet of meeting space, five food and beverage outlets, and a two-level 27,000 square-foot spa. The Hotel is LEED® Gold certified from the U.S. Green Building Council.
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), is a mixed-use development on the Las Vegas Strip located between the Bellagio and Monte Carlo resorts that includes ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel; and the Veer Towers, which contain 669 luxury condominium residences.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
