MGM Resorts International has announced that it has entered into a definitive agreement for the sale of its Mandarin Oriental Las Vegas hotel and ‘adjacent parcels of property’ for $214m.
The press release on MGM’s website did not classify who the property is being sold to.
The Mandarin Oriental Las Vegas is currently owned by CityCenter Holdings, a joint venture between MGM Resorts International and Infinity World Development Corp. Both companies own 50% of the venture.
The sale agreement will see the $214m fee paid in cash with the transaction expected to be completed during this summer.
The Mandarin Oriental Las Vegas has 392 guest rooms, meeting spaces of 12,000 square feet, five food and beverage outlets and a two tiered massive spa that is over 27,000 square feet.
The news comes soon after the company announced the sale of their Grand Victoria Casino for $327.5m to Eldorado Resorts.