Witkoff spends $600m on Las Vegas resort hotel
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Witkoff officials have announced the purchase of the former Fontainebleau Resort Las Vegas, located at 2755 Las Vegas Boulevard South, Las Vegas, which they called a “significantly undervalued resort hotel.”
Witkoff官員已經宣布�?買位於拉斯維加斯拉斯維加斯大道南拉斯維加斯大道2755號的拉斯維加斯前楓丹白露度假村，他們稱之為“極度低估的度假酒店”。
NEW YORK-- August 29, 2017 --Witkoff, a global real estate development and investment firm, together with New Valley LLC, an investment company owned by Vector Group, today announced that they have acquired the significantly undervalued resort hotel located at 2755 Las Vegas Boulevard South in Las Vegas (formerly known as the Fontainebleau Resort Las Vegas), for $600 million.
2017年8月29日,纽约————Witkoff,全球房地产开发和投资公司与新谷LLC投资公司旗下的向量组,今天宣布,他们已经获得了显著低估度假酒店位于拉斯维加斯2755年拉斯维加斯大道南(原名枫丹白露酒店拉斯维加斯),为6亿美元。
The acquisition, which was acquired at a substantial discount to replacement cost, a core part of Witkoff’s investment strategy, marks the Company’s foray into the supply-constrained and fundamentally strong Las Vegas market. Witkoff spent four months conducting its due diligence on the resort and market prior to the acquisition, and has identified numerous ways to unlock the significant underlying value of the property to generate strong returns for its business and the Las Vegas community.
此次收购是Witkoff的投资策略的核心部分，在很大程度上低于重置成本，这标志着该公司进军供应受限和基本面强劲的拉斯维加斯市场。在收购之前，Witkoff花了四个月的时间对度假村和市场进行了调查，并确定了许多方法来分析该房产的重要潜在价值，为其业务和拉斯维加斯社区带来强劲回报。
“2755 Las Vegas Boulevard South is one of the best physical assets in the country, which is one of the reasons we were attracted to it,” said Steve Witkoff, Chairman and Chief Executive Officer of Witkoff. “Furthermore, the resort is ideally located on the Las Vegas Strip, directly across from the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation. At the basis, we acquired a well-designed, structurally sound integrated resort at a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts. We look forward to applying our industry-leading value-enhancing platform to this property to unlock its true growth potential.”
Witkoff的董事长兼首席执行官Steve Witkoff说:“拉斯维加斯大道南2755号是美国最好的实物资产之一，这也是我们被它吸引的原因之一。”此外，该度假区位于拉斯维加斯大道(Las Vegas Strip)，位于拉斯维加斯会展中心(Las Vegas Convention Center)的对面，该中心正处于14亿美元的扩建和翻修之中。在此基础上，我们获得了一个精心设计的、结构健全的综合度假胜地，大大降低了替代成本和类似的拉斯维加斯大道的公开市场估值。我们期待着将我们行业领先的增值平台应用到这一领域，以释放其真正的增长潜力。
Mr. Witkoff continued, “Las Vegas is one of the strongest lodging markets in the country given its highly favorable dynamics. RevPAR and EBITDA growth continue to accelerate and there has been no new supply since 2010.”
Witkoff继续说，“拉斯维加斯是这个国家最强劲的住宿市场之一，因为它的动态非常有利。”RevPAR和EBITDA的增长继续加速，自2010年以来没有出现新的供应。
As Witkoff continues to expand its portfolio, the Company will identify similar undervalued assets in high-barrier-to-entry growth markets with a multitude of demand generators that can be acquired at significant discounts to replacements costs.
随着Witkoff继续扩大其投资组合，该公司在高门槛的增长市场中识别出类似的被低估的资产，并拥有大量的需求發展动机，这些产品可以在很大的折扣上获得替代成本。
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