LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria.
CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants.
The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa.
JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders.
Waldorf Astoria is part of the Hilton chain of hotels.
— Kristin Hiller