Simpson Thacher is representing Blackstone in connection with the acquisition of Aria Resort & Casino and Vdara Hotel and Spa from MGM Resorts International (NYSE: MGM) for $3.89 billion in cash. Following the acquisition, both properties will be leased to MGM Resorts for initial annual rent of $215 million.
Blackstone’s acquisition is expected to close in the third quarter, subject to certain closing conditions.
The Simpson Thacher team includes Erik Quarfordt, Greg Ressa, Jason Mohr, Sam Rudik and Emily Rosenthal (Real Estate); Nancy Mehlman and Edward Grais (Tax); Benjamin Wells and Drew Harmon (Funds); Michael Carnevale, Daniel Levien and David Caldwell (International Regulatory and Compliance); Jeanne Annarumma (ERISA); and Andrew Blau (ECEB). Summer Associates Elizabeth Greene and Josh Goldman provided valuable assistance.