MIAMI, March 30, 2018 /PRNewswire/ -- Virgin
Hotels, the lifestyle hotel brand by Virgin Group founder Sir
Richard Branson, in partnership with
a group led by Juniper Capital Partners and Fengate Real Asset
Investments along with their partners Dream, Cowie Capital
Partners, and other private investors, has purchased the Hard Rock
Hotel & Casino in Las Vegas
from a Brookfield-managed private
real estate fund in a transaction that closed today. The group
plans to open a reconceptualized and revitalized property, the
Virgin Hotels Las Vegas, in the late fall of 2019. The Virgin
Hotels brand's entrance into the entertainment capital of the world
is an exciting development - one that will see innovative design
fused with irresistible amenities in order to give guests
experiences that will surprise and delight.
"Las Vegas has long held a
special place in my heart," said Sir Richard Branson, Founder of the Virgin Group.
"Virgin Atlantic and Virgin America have enjoyed flying to
Las Vegas for years and I've
always known that Virgin Hotels could thrive there as well. I'm
really looking forward to painting the town Virgin red."
The property, located at 4455 Paradise Road, will continue full
service operations under the Hard Rock flag until it opens as a
Virgin Hotels hotel. Guest rooms, restaurants and public spaces
will undergo a face lift, expected to cost in the hundreds of
millions, with the final product being a showcase of Virgin's
signature sleek and stylish design with an eclectic mix of social
spaces.
"Our partnership is extremely proud to be investing in the
Las Vegas market with an amazing
brand like Virgin Hotels," said Partner and new Property CEO,
Richard "Boz" Bosworth. "We couldn't be more passionate about
the project and this partnership, and look forward to the exciting
journey ahead."
The hotel will feature 1504 well-appointed Chambers, Grand
Chamber Suites and Penthouse Suites; a 60,000 square foot,
fully-renovated casino, multiple pools over five acres, world-class
restaurants, lounges and bars, including new nightlife venues and
the brand's flagship space, the Commons Club, as well as numerous
meeting and convention spaces.
"Las Vegas is a dynamic city –
the people, the excitement, the entertainment. To me, it's always
been the perfect city for our next Virgin Hotel," said Virgin
Hotels CEO Raul Leal. "We are
dedicated to delivering the best in design, entertainment,
heartfelt service and culinary excellence and we can't wait to
welcome visitors to what is sure to be an awe-inspiring
Las Vegas
experience."
Fengate is managing its investment on behalf of the Laborers'
International Union of North
America's (LiUNA) Central and Eastern Canada Pension Fund.
"LiUNA is pleased with our strong working team behind this
strategic investment, and we are very proud that the highly-skilled
brothers and sisters of LiUNA will be a part of building this
extraordinary new Virgin Hotels in Las
Vegas," said Joseph
Mancinelli, LiUNA International Vice President and Regional
Manager for Central and Eastern
Canada.
Located just off the famous Las Vegas Strip, Virgin Hotels Las
Vegas will be a destination for locals and guests alike, offering
premier food, beverage, and entertainment experiences.
To learn more about Virgin Hotels Las Vegas and other future
developments, please visit
https://development.virginhotels.com/.
About Virgin Hotels:
Virgin Hotels is a lifestyle
hospitality brand that combines heartfelt service, straightforward
value and a seamless, personalized hotel experience with the track
record of innovation and smart disruption that Sir Richard Branson's global Virgin Group has
pioneered for over 40 years. Each property will intermix a
passion for food and beverage with music and culture, fusing with
the local landscape and providing a vibrant and inclusive
environment for travelers and locals alike. Virgin Hotels Chicago,
which was named the "#1 Hotel in United
States" by Conde Nast Traveler's Readers' Choice Awards 2016
and "#1 Hotel in Chicago" by Conde
Nast Traveler's Readers' Choice Awards in both 2016 and 2017, is
now open and accepting reservations at virginhotels.com. Virgin
Hotels San Francisco is slated to open in 2018. Locations in
Nashville, Dallas, Washington,
D.C., New Orleans, New
York, Silicon Valley, Palm
Springs, Edinburgh and
others are to follow. Virgin Hotels continues to explore hotel and
office conversions as well as ground-up development in cities such
as Boston, Los Angeles, Miami, Austin, Seattle, and London.
About Juniper Capital Partners, LLC:
Juniper Capital
Partners, LLC is an investment firm with a predisposition towards
distressed or out-of-favor assets with attractive valuations.
Juniper's investments typically require substantial repositioning
and Juniper is active in all aspects of the investment process
including the origination, structuring, underwriting, management
and sale of its interests. Juniper's Managing Partners have
significant investment management experience and the partners have
held positions as partners in investment firms and as senior
managers in large multi-national firms and global investment
banks. They have managed significant portfolios of assets and
operating companies and have a successful track record of growth
and returns. Juniper partnered with Bosworth Hospitality
Partners, LLC on this transaction.
About Fengate Capital Management:
Fengate is a leading
investment firm specializing in real assets, with a focus on
infrastructure, private equity and real estate. With offices in
Toronto, Oakville, Vancouver, New
York, Houston and
Los Angeles, Fengate has a proven
track record of successful projects and results-driven
partnerships, establishing the firm as one of the most active real
asset investors in North America.
Through our experience, expertise and industry relationships, our
clients gain access to high-barrier-to-entry investment solutions
which deliver superior risk-adjusted returns. Learn more at
fengate.com
About LiUNA:
Chartered in 1903, the Labourers'
International Union of North
America (LiUNA) has been at the forefront of defending the
rights of working men and women, united through collective
bargaining agreements which help members and their families earn
competing wages, better benefits and the opportunity for
advancement and better lives. With over 110,000 members across
Canada and half a million strong
across North America, LiUNA is the
most progressive, aggressive and fastest growing union of
construction workers and one of the most diverse and effective
unions representing various sectors across North America. The Labourers' Pension Fund of
Central and Eastern Canada
(LPFCEC), approaching $7 billion, is
one of the fastest growing plans in the country and has yielded
positive returns for the Plan, great work opportunities for LiUNA
members, and created many needed institutions across North America.
About Cowie Capital:
Cowie Capital Partners Inc. (CCP)
is a private real estate investment firm, founded by brothers
Mike and Mark Cowie in 1996, that
focuses primarily on commercial real estate investments where value
creation opportunities exist. Their portfolio has included a number
of "turnaround" assets in Office, Retail, Self-Storage and land
development over the years. Most recently CCP was involved in
the restructure and relaunch of the now St. Regis Residences and
Adelaide Hotel in Toronto. In
addition they are active partners on a large-scale mixed use
development project in Toronto
known as East Harbour. Learn more at http://eastharbour.ca/.
About Dream:
Dream Hard Asset Alternatives Trust (TSX:
DRA.un), is one of four publicly traded Trusts managed by Dream
Unlimited Corp. (TSX: DRM), which has over $14 billion of assets under management across
Canada, the U.S. and Europe.
Dream Alternatives provides an opportunity for unitholders to
invest in hard asset alternative investments, including real estate
and real estate development, managed by an experienced team with a
successful track record in these areas. The objectives of the Trust
are to build and maintain a growth-oriented portfolio, provide
predictable cash distributions to unitholders on a tax efficient
basis and grow and reposition the portfolio to increase net asset
value (NAV) per unit over time. As at December 31, 2017, Dream Alternatives had over
$850 million of assets and
$600 million of equity on its balance
sheet. For more information, please
visit: www.dreamalternatives.ca and www.dream.ca
View original content with
multimedia:http://www.prnewswire.com/news-releases/virgin-hotels-announces-its-headed-to-las-vegas-300622303.html
SOURCE Virgin Hotels
