“We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success.” “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” says Jim Murren, chairman and CEO of MGM Resorts International. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium and the Veer Towers, which contain 669 luxury condominium residences. The Shop at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. LAS VEGAS - A joint venture between Cit圜enter Holdings LLC, Invesco Real Estate (NYSE: IVZ) and Simon Property Group (NYSE: SPG) has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion.Ĭit圜enter Holdings LLC is itself a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp.
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