VICI Properties Acquires St. Croix Resort, Partners with Club Med for Redevelopment
VICI is trading near its 52-week low of $26.55 (7.6% above the low).
Summary
VICI Properties announced a new partnership with Club Med to acquire and redevelop the Carambola Beach Resort in St. Croix. VICI will acquire the property, fund its redevelopment, and then lease it back to Club Med under a long-term triple-net agreement. This move expands VICI's experiential real estate portfolio and adds a new, high-profile tenant, consistent with its strategy of acquiring and leasing premium assets. The deal diversifies VICI's holdings with a new all-inclusive resort and provides stable, predictable income through the lease.
At the time of this announcement, VICI was trading at $28.56 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $30.5B. The 52-week trading range was $26.55 to $34.01. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: PR Newswire.