Das Venetian Hotel in Las Vegas verkauft Shopping Mall für 766 Millionen Dollar

14.04.2004, Lesen Sie hier den Bericht über «Das Venetian Hotel in Las Vegas verkauft Shopping Mall für 766 Millionen Dollar».

Die Führungsetage eines der besten Hotels am Strip hat sich bereit erklärt die "Grand Canal Shopping Mall" an eine Firma in Chicago für ca. 1 Milliarde Franken zu verkaufen. von Richard Honegger General Growth Properties Inc wird nebst dem bestehenden, über 50'000 Quadratmeter grossen Einkaufs und Touristik-Zentrum, mit einem nachgebauten Canale Grande, auch alle weiteren, im Ausbau des Hotels geplanten Ladenflächen übernehmen.

Der Ausbau betrifft das neue Casino-Hotel "The Palazzo". Dort soll nebst einem 10'000 Quadratmeter grossen Casino und einem 3020 Zimmer-Hotel noch ein Shopping-Zentrum mit 53 Läden auf 3 Etagen entstehen, das knapp so gross wie die bestehende Mall sein wird. Allerdings soll die definitive Grösse noch vom Umsatz des zukünftigen Hotels abhängig gemacht werden, welches per Ende 2006 eröffnet werden soll. Abschlusstermin der Verhandlungen soll der 17. Mai sein. Sollte das Palazzo fertig sein, wird es zusammen mit dem Venetian nebst ca. 6000 Zimmern, über 200'000 Quadratmeter für Meetings, 6 Ballräume und 315 Konferenzsäle aufweisen

Las Vegas Sands, besitzer des Venetian, hat sich als eines der führenden Unternehmen in der Unterhaltungsbranche in Las Vegas etabliert und plant nebst dem Palazzo noch ein zusätzliches Casino in der ehemaligen Portugisischen Enklave Macau. Zudem sei ein going public geplant.


Additional News -----------------

General Growth in $1 billion-plus deal Analysts say the eye-popping acquisition of The Venetian's Grand Canal Shoppes mall by the operator of Las Vegas' Boulevard and Meadows malls will put a key retail asset in the hands of a company that has succeeded in a major tourism environment. Representatives of The Venetian hotel-casino and General Growth Properties Inc., Chicago, jointly announced the acquisition of the 407,077-square-foot mall, two other retail components within The Venetian and the rights to develop an extension of the mall for a total amount that could approach $1.5 billion.

The deal is expected to close by May 17. General Growth Properties will pay $766 million for the existing Grand Canal Shoppes and a minimum of $250 million for the extension of the mall, which would be at Phase II of The Venetian project. The minimum purchase price would be payable to the seller upon the grand opening and is subject to increase based on the actual square footage built and the net operating income generated during the 30 months after the opening.

Venetian officials have begun clearing Strip frontage for The Venetian's Phase II project, which hasn't officially been named. Venetian documents filed with Clark County refer to it as "The Palazzo," and analysts and a General Growth Properties' press release on the transaction refer to Phase II by that name.

Gaming analyst Marc Falcone of Deutsche Bank Securities Inc., New York, called the transaction a "landmark deal" that validates the value of Strip real estate. He also said the big price tag may keep the Venetian's parent company from having to go public to finance upcoming projects. "We think this is a landmark transaction for two primary reasons," Falcone said in a report issued today. "It underscores the underappreciated land values on the Las Vegas Strip and should represent the current demand environment as well as the premium placed on certain strategic business models. "This transaction will likely cause management of Las Vegas Sands to once again address the potential, or not, for an initial public offering sometime this year," he said. "In our view, the company has ample capital, especially with these proceeds, to complete is development plans in both Macau and Las Vegas, and therefore might not need to go public to meet its development goals."

George Connor, senior vice president of Colliers International, Las Vegas, an expert on Strip retail properties, said today that not only did The Venetian get a great price for the property, but it also chose a buyer that is experienced operating in a tourism environment.

In addition to operating the Boulevard and Meadows malls in Las Vegas, General Growth Properties operates the Ala Moana shopping center, the centerpiece retail development off Waikiki Beach in Honolulu. "It's a solid match because they know the business," Connor said. "They've operated successfully in a tourist destination with high-end shops that drive sales of around $1,000 per square foot."

Falcone said the Canal Shoppes generate between $900 and $1,000 a square foot in sales, just below the $1,200 per square foot total generated by the Forum Shops at Caesars, considered the nation's most successful shopping mall by that criterion.

The price for the mall was well above many experts' expectations. When Venetian officials announced in January that they had retained Goldman, Sachs & Co., New York, to "explore strategic alternatives available," some expected the sale would raise between $300 million and $400 million. In December, RFR Holding LLC and Sutton East Corp., acquired the Desert Passage mall at the Aladdin hotel-casino for $241.5 million. And, in March 2003, when the Simon Property Group Inc. cashed out of its partnership at The Forum Shops at Caesars, that mall was valued at $415 million, or $590 million including debt.

Connor said the value of the Forum Shops has undoubtedly increased with Strip real estate values exploding. "There are more and more aggressive offers being placed on the table for commercial real estate, not only here but for regional malls across the nation," Connor said.

But he said the values are even higher on the Las Vegas Strip because there is a "finite commodity for supply and demand." He speculated that there may have been even higher bids for the property, but that General Growth Properties was a proven commodity and "they're going to be operating in their back yard from here on out."

Venetian officials did not disclose whether there were other bids or who made offers. Brad Stone, executive vice president of Las Vegas Sands Inc., the parent company of the Venetian, said that the combination of the General Growth having had experience in Nevada and in tourism centers nationwide were a plus in the company's bid. "They put out a bid that was very acceptable to us, but we're also confident that the asset will be run as efficiently and as positively as it has since it opened."

Stone said The Venetian and General Growth Properties have had preliminary meetings to discuss the general theming of the Phase II development and that some early discussions have occurred on potential tenants. He did not disclose any details. "Fortunately for us, attracting tenants will be a lot easier for us than it was when this was just a plan on paper," said Stone, acknowledging that the company's track record should draw interest from a number of big-name tenants.

Über Venetian Hotel & Casino:

Das Venetian Hotel & Casino ist ein Hotel am Las Vegas Strip, das der italienischen Stadt Venedig nachempfunden wurde.

Zu dem 4.049 Suiten umfassenden Hotel gehören ein Casino, der Sands Poker Room, zahlreiche erstklassige preisgekrönte Restaurants, zahlreiche Geschäfte und Boutiquen und das Madame Tussauds-Wachsfigurenkabinett von Las Vegas.

The Venetian is a luxury resort hotel located in the center of the Las Vegas Strip. It is adjacent to the Sands Expo and less than 3 miles from McCarran International Airport. This fantastic, beautiful casino resort is a tribute to Venice itself, with accurate, near-scale replicas of Venetian landmarks and artwork built into the hotel's stunning architecture. With its strikingly beautiful interiors and an indoor canal complete with gondolas, the Venetian inspires awe in those who visit it.

The hotel has many specialty restaurants operated by a who's who of celebrity chefs. For upscale shopping pleasure, the Grande Canal Shops at The Venetian offer more than 50 boutiques along its half-mile long, indoor canal. Gondola rides; complete with a singing gondolier are one of the Venetian's most popular attractions.

Two museums on this resort's premises are another extraordinary feature of the Venetian. Madame Tussaud's Wax Museum makes its U.S. debut at the Venetian, featuring over 100 wax portraits of Vegas' most famous celebrities and sports figures. For a true cultural experience, the Venetian is home to the Guggenheim Las Vegas, housing special art exhibitions in a striking facility.

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