VICI Properties has announced a strategic partnership with Cain International and Eldridge Industries focused on investing in high-growth, experience-driven real estate. The collaboration launches with VICI’s $300 million investment into a mezzanine loan for One Beverly Hills, a 17.5-acre luxury mixed-use development.
The development will feature Aman Beverly Hills, the brand’s first West Coast hotel, along with Aman-branded residences and an Aman Club. The project includes a renovation of The Beverly Hilton and will incorporate 10 acres of botanical gardens, luxury retail, and dining experiences. Construction has begun with completion expected in late 2027.
The development will include 5.5 acres of private botanical gardens for Aman residents and guests, plus 4.5 acres of public space. VICI funded the investment through cash on hand and its existing revolving credit facility.
VICI Properties ha annunciato una partnership strategica con Cain International e Eldridge Industries focalizzata sull’investimento in immobili ad alta crescita e orientati all’esperienza. La collaborazione inizia con l’investimento di 300 milioni di dollari da parte di VICI in un prestito mezzanino per One Beverly Hills, un sviluppo di lusso a uso misto di 17,5 acri.
Il progetto presenterà Aman Beverly Hills, il primo hotel del marchio sulla costa occidentale, insieme a residenze a marchio Aman e a un Aman Club. Il progetto include una ristrutturazione del Beverly Hilton e incorporerà 10 acri di giardini botanici, negozi di lusso e esperienze culinarie. I lavori di costruzione sono già iniziati e il completamento è previsto per la fine del 2027.
Lo sviluppo includerà 5,5 acri di giardini botanici privati per i residenti e gli ospiti di Aman, oltre a 4,5 acri di spazio pubblico. VICI ha finanziato l’investimento tramite liquidità disponibile e il suo attuale credito rotativo.
VICI Properties ha anunciado una asociación estratégica con Cain International y Eldridge Industries centrada en la inversión en bienes raíces de alto crecimiento y orientados a la experiencia. La colaboración comienza con la inversión de 300 millones de dólares de VICI en un préstamo mezzanine para One Beverly Hills, un desarrollo de lujo de uso mixto de 17,5 acres.
El desarrollo contará con Aman Beverly Hills, el primer hotel de la marca en la costa oeste, junto con residencias de la marca Aman y un Aman Club. El proyecto incluye una renovación del Beverly Hilton e incorporará 10 acres de jardines botánicos, tiendas de lujo y experiencias gastronómicas. La construcción ha comenzado y se espera que se complete a finales de 2027.
El desarrollo incluirá 5,5 acres de jardines botánicos privados para los residentes y huéspedes de Aman, además de 4,5 acres de espacio público. VICI financió la inversión a través de efectivo disponible y su línea de crédito rotativa existente.
VICI Properties는 Cain International 및 Eldridge Industries와 전략적 파트너십을 발표하였습니다. 이 파트너십은 고성장 경험 중심의 부동산 투자에 초점을 맞추고 있습니다. 이 협력은 VICI가 3억 달러를 투자하여 One Beverly Hills에 대한 메자닌 대출로 시작됩니다. 이 개발 프로젝트는 17.5에이커 규모의 고급 복합 용도 개발입니다.
이 개발은 브랜드의 첫 번째 서부 해안 호텔인 Aman Beverly Hills와 Aman 브랜드의 주택 및 Aman Club을 포함할 것입니다. 이 프로젝트는 Beverly Hilton의 리노베이션을 포함하며, 10에이커의 식물원, 고급 소매점 및 식사 경험을 통합할 것입니다. 공사는 이미 시작되었으며, 2027년 말에 완료될 것으로 예상됩니다.
이 개발에는 Aman 거주자 및 손님을 위한 5.5에이커의 개인 식물원이 포함되며, 4.5에이커의 공공 공간도 포함됩니다. VICI는 현금과 기존의 회전 신용 시설을 통해 투자를 자금 조달했습니다.
VICI Properties a annoncé un partenariat stratégique avec Cain International et Eldridge Industries axé sur l’investissement dans l’immobilier à forte croissance et orienté vers l’expérience. La collaboration commence avec l’investissement de 300 millions de dollars de VICI dans un prêt mezzanine pour One Beverly Hills, un développement mixte de luxe de 17,5 acres.
Le développement comprendra Aman Beverly Hills, le premier hôtel de la marque sur la côte ouest, ainsi que des résidences de marque Aman et un Aman Club. Le projet inclut une rénovation du Beverly Hilton et intégrera 10 acres de jardins botaniques, des boutiques de luxe et des expériences culinaires. La construction a déjà commencé et l’achèvement est prévu pour la fin de 2027.
Le développement comprendra 5,5 acres de jardins botaniques privés pour les résidents et les invités d’Aman, ainsi que 4,5 acres d’espace public. VICI a financé l’investissement par le biais de liquidités disponibles et de sa ligne de crédit renouvelable existante.
VICI Properties hat eine strategische Partnerschaft mit Cain International und Eldridge Industries angekündigt, die sich auf Investitionen in wachstumsstarke, erlebnisorientierte Immobilien konzentriert. Die Zusammenarbeit beginnt mit VICIs 300 Millionen Dollar Investition in ein Mezzanine-Darlehen für One Beverly Hills, ein 17,5 Hektar großes luxuriöses Mischprojekt.
Das Projekt wird Aman Beverly Hills umfassen, das erste Hotel der Marke an der Westküste, sowie Aman-Residenzen und einen Aman Club. Das Projekt beinhaltet eine Renovierung des Beverly Hilton und wird 10 Hektar botanische Gärten, Luxus-Einzelhandel und gastronomische Erlebnisse integrieren. Der Bau hat bereits begonnen, und die Fertigstellung wird für Ende 2027 erwartet.
Das Projekt wird 5,5 Hektar private botanische Gärten für Aman-Bewohner und -Gäste sowie 4,5 Hektar öffentlichen Raum umfassen. VICI hat die Investition aus vorhandenen Mitteln und seiner bestehenden revolvierenden Kreditlinie finanziert.
Positive
$300 million strategic investment into high-end luxury development
Partnership with established real estate developers Cain and Eldridge
Expansion into premium experiential real estate market
Project completion expected by late 2027 with construction already commenced
Negative
Significant capital commitment in single development project
Extended timeline to project completion and return realization
Exposure to luxury real estate market volatility
Insights
VICI Properties’ $300 million mezzanine loan investment into One Beverly Hills marks a pivotal strategic shift, representing the REIT’s first major venture outside its core gaming portfolio. This sophisticated transaction demonstrates VICI’s evolution from a gaming-focused REIT to a broader experiential real estate player.
The mezzanine loan structure is particularly noteworthy in the current market environment. By choosing this position in the capital stack, VICI secures an attractive risk-adjusted return while maintaining downside protection through the senior position’s equity cushion. This approach allows VICI to participate in the luxury real estate sector’s upside while managing exposure risks.
The strategic relationship with Cain International and Eldridge Industries carries significant implications beyond this single transaction. These partnerships position VICI to access a pipeline of high-quality experiential real estate opportunities, potentially accelerating its portfolio diversification strategy. The collaboration with established luxury real estate developers provides VICI with valuable expertise in the ultra-luxury segment.
One Beverly Hills exemplifies the evolution of premium real estate development, where success increasingly depends on creating immersive experiences rather than just physical assets. The integration of Aman Beverly Hills, The Beverly Hilton’s renovation, and extensive botanical gardens creates a multi-faceted revenue ecosystem that could prove more resilient to market cycles than traditional single-use properties.
The timing of this investment is strategic, coinciding with growing demand for experiential luxury offerings in premier locations. Beverly Hills’ strict development restrictions create significant barriers to entry, potentially enhancing the project’s long-term value proposition. The expected completion in late 2027 positions the development to potentially capitalize on post-pandemic luxury spending trends and evolving consumer preferences for integrated live-work-play environments.
02/19/2025 – 08:30 AM
– Launches with VICI’s $300 Million Investment into One Beverly Hills
– Marks the Beginning of a Broader Collaboration Focused on Transformative, Experience-Driven Real Estate Investments
NEW YORK–(BUSINESS WIRE)–
VICI Properties Inc. (NYSE: VICI) (“VICI” or “VICI Properties”), Cain International (“Cain”), and Eldridge Industries today announced that the parties established a strategic relationship, pursuant to a non-binding letter of intent, dedicated to investing in high-growth, experience-driven real estate. The letter of intent expresses the parties’ shared intention to work collaboratively to identify and pursue experiential investment opportunities that meet each party’s investment objectives. The collaboration launches with VICI’s $300 million investment into a mezzanine loan related to the development of One Beverly Hills, a landmark 17.5-acre luxury mixed-use development.
Rendering of One Beverly Hills | Beverly Hills, CA (Photo: Business Wire)
One Beverly Hills, developed by Cain and master planned by Foster + Partners, will be anchored by Aman Beverly Hills, bringing Aman’s first West Coast hotel, Aman-branded residences, and Aman Club to Beverly Hills. The masterplan will also include a full-scale refurbishment of The Beverly Hilton, preserving the Hollywood landmark’s status as a premier luxury destination while integrating it into the broader masterplan.
Alongside its hospitality and residential offerings, One Beverly Hills will feature 10 acres of botanical gardens and open space, creating a lush, walkable setting with high-end retail, dining, and cultural experiences woven into the landscape.
The Project has already commenced construction and is expected to be completed late 2027.
Key components of One Beverly Hills include:
Aman Beverly Hills: One Beverly Hills will include Aman Beverly Hills as its centerpiece, the brand’s first West Coast destination, featuring an all-suite Aman Hotel and Aman-branded residences designed by Kerry Hill Architects overlooking the Los Angeles Country Club and lush private gardens. Residents will enjoy access to Aman’s signature amenities, including an Aman Club, the brand’s private global membership club offering wellness, dining, and social spaces.
The Beverly Hilton: Longtime host of the Golden Globes and the annual Milken Institute conference, The Beverly Hilton is a cornerstone of Beverly Hills’ hospitality landscape. As part of the One Beverly Hills development, the hotel will undergo a renovation by David Collins Studio, blending contemporary design with its rich heritage. The refurbishment will enhance the guest experience while preserving the hotel’s legacy, ensuring it remains a premier destination for generations to come.
Retail and F&B: One Beverly Hills will feature a carefully curated selection of luxury retail and dining that complements the world-renowned shopping and hospitality of nearby Rodeo Drive, integrating into the development’s broader vision with a dynamic mix of global brands, high-end boutiques, and world-class culinary destinations.
Botanical Gardens: Over 10 acres of botanical gardens and open space, designed by award-winning landscape architect Mark Rios, will shape the landscape of the development, creating a lush, walkable environment that blends nature with urban sophistication and provides a tranquil setting for residents, guests, and visitors. The outdoor space will include 5.5 acres of private botanical gardens exclusively for Aman residents, hotel guests, and club members, while 4.5 acres will be open to the public for the first time.
Key Commentary:
Experiential Tailwinds – Todd Boehly, Chairman and CEO of Eldridge Industries, majority owner of Cain International: “Our partnership with VICI and AMAN brings together preeminent luxury brands and exceptional real estate, making One Beverly Hills one of the most exciting and cutting-edge developments in the country.”
Future of Real Estate and LA – Jonathan Goldstein, Co-Founder & CEO of Cain International: “The industry is evolving, with demand shifting towards developments that blend luxury, hospitality, and experience to create enduring destinations—and we believe One Beverly Hills will be one of the most impactful blueprints for the future of real estate. VICI’s investment not only underscores the strength of world-class projects like this, it reinforces Los Angeles’ position as a leading global city, and we are delighted to be partnering with them in our shared commitment to this vision.”
Relationship-Based Capital – Edward Pitoniak, CEO of VICI Properties: “Since VICI emerged in 2017, we have grown our company by growing our relationships. We have identified Cain International and Eldridge Industries as partners we intend to grow with for years to come. We’re excited to begin our relationship with VICI’s commitment to One Beverly Hills, a powerful example of Cain’s distinct ability to envision and develop compelling experiential complexes in the world’s leading destinations.”
VICI funded the investment with a combination of cash on hand and drawing down funds under its existing revolving credit facility.
In addition to this release, VICI Properties has furnished a Transaction Overview presentation that can be found on VICI’s website at https://investors.viciproperties.com/events-and-presentations/.
About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties owns 93 experiential assets across a geographically diverse portfolio consisting of 54 gaming properties and 39 other experiential properties across the United States and Canada. The portfolio is comprised of approximately 127 million square feet and features approximately 60,300 hotel rooms and over 500 restaurants, bars, nightclubs and sportsbooks. Its properties are occupied by industry-leading gaming, leisure and hospitality operators under long-term, triple-net lease agreements. VICI Properties has a growing array of real estate and financing partnerships with leading operators in other experiential sectors, including Cabot, Cain International, Canyon Ranch, Chelsea Piers, Great Wolf Resorts, Homefield, Kalahari Resorts and Lucky Strike Entertainment. VICI Properties also owns four championship golf courses and approximately 33 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ goal is to create the highest quality and most productive experiential real estate portfolio through a strategy of partnering with the highest quality experiential place makers and operators. For additional information, please visit www.viciproperties.com.
About Cain International
Cain International is an alternative asset manager specializing in real estate investment solutions. As of September 30, 2024, the firm held $17.7 billion in assets under management through its real estate equity, credit, and private equity platforms. Its global portfolio spans a diverse range of sectors, with a focus on residential, hospitality, commercial, mixed-use developments and leading brands.
Beyond its direct real estate investments, Cain’s experiential and lifestyle portfolio spans premium hospitality, sports, and immersive entertainment. Its portfolio includes high-profile assets such as The St. James, a premier performance training and sports destination; Delano, a globally recognized hospitality brand with locations in Paris, Dubai, and an upcoming opening in Miami; and Swingers Crazy Golf, an experiential entertainment concept with venues in London, New York, Washington, D.C., and Las Vegas.
Cain is a partnership between its CEO, Jonathan Goldstein, and Eldridge Industries. To learn more about Cain International, please visit www.cainint.com.
About Eldridge Industries
Eldridge Industries invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge Industries has offices in Miami, Greenwich, Beverly Hills, New York, and London. To learn more about Eldridge Industries, please visit www.eldridge.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” “will,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond VICI’s control and could materially affect actual results, performance, or achievements. Among those risks, uncertainties and other factors are risks that the transactions may not be consummated on the terms or timeframe described herein, or at all; the ability of the parties to satisfy the conditions set forth in the definitive transaction documents for the transactions, including the ability to receive, or delays in receiving, the governmental and regulatory approvals and/or consents required to consummate the transactions; the terms on which VICI finances the transactions, including the source of funds used to finance such transactions; disruptions to the real property and operations of the subject property during the pendency of the closing of the transactions; and the historical financial and operating results of the subject property may not be a reliable indicator of their future results. Additional important risk factors that may affect VICI’s business, results of operations and financial position (including those risks relating to VICI’s pending and recently completed transactions) are detailed from time to time in VICI’s filings with the Securities and Exchange Commission. VICI does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
Press Release Category: Transactions
View source version on businesswire.com: https://www.businesswire.com/news/home/20250219403839/en/
VICI Properties:
Investors:
Investors@viciproperties.com
(646) 949-4631
Or
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com
Moira McCloskey
SVP, Capital Markets
MMcCloskey@viciproperties.com
LinkedIn:
www.linkedin.com/company/vici-properties-inc
Cain International:
General Enquiries:
media@cainint.com
Eldridge Industries:
Prosek Partners
Nadia Damouni
Ndamouni@prosek.com
Source: VICI Properties Inc.
FAQ
What is VICI’s investment amount in One Beverly Hills development?
VICI Properties has invested $300 million through a mezzanine loan into the One Beverly Hills development project.
When is the One Beverly Hills development expected to be completed?
The One Beverly Hills development is expected to be completed in late 2027.
What are the main features of the One Beverly Hills development?
The development includes Aman Beverly Hills hotel, Aman-branded residences, Aman Club, a renovated Beverly Hilton hotel, luxury retail and dining, and 10 acres of botanical gardens.
How did VICI Properties fund the One Beverly Hills investment?
VICI funded the investment through a combination of cash on hand and drawing down funds under its existing revolving credit facility.
How many acres of public gardens will One Beverly Hills include?
One Beverly Hills will include 4.5 acres of public botanical gardens, with an additional 5.5 acres of private gardens for Aman residents and guests.
