Realty Income Corporation (Realty Income, NYSE), The Monthly Dividend Company®, and Blackstone Real Estate has announced a definitive agreement under which Realty Income will make an US$800 million perpetual preferred equity investment in the real estate of CityCenter, comprised of the ARIA Resort & Casino and Vdara Hotel & Spa, which is owned by funds affiliated with Blackstone Real Estate. Blackstone Real Estate will retain 100% of the common equity ownership of the property, which will continue to be operated by MGM Resorts International. This represents Realty Income’s second investment with Blackstone Real Estate, following the successful Bellagio Las Vegas joint venture completed in 2023, in which Latham also advised Realty Income.
Latham & Watkins LLP represented Realty Income in the transaction with a corporate and real estate team led by Orange County partner Darren Guttenberg, San Diego partner Ann Buckingham, and Chicago partner Rachel Bates, with New York partner Betsy Jaffe, San Diego counsel Achraf Farraj, and associate Daniel Eyal. Advice was also provided on tax matters by Los Angeles partner Ana O’Brien and counsel William Kessler; and on debt matters by Los Angeles partner Ken Askin.
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