CityCenter Holdings To Sell World-Class Asset for $1.1B

The Shops at Crystals

LAS VEGAS— CityCenter Holdings LLC , a venture between MGM Resorts International and Infinity World Development Corp. has entered into a definitive agreement with a venture led by Invesco Real Estate and Simon Property Group to acquire the Shops at Crystals for a purchase price of approximately $1.1 billion. Located at the entryway of CityCenter and in the heart of the Las Vegas Strip, the retail asset boasts more than 324,000 square feet of luxury shopping space. The transaction is expected to close in the second quarter of 2016. “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” explains Jim Murren , chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the ideal stewards to maintain the high quality of the asset and usher in a new era of success.” David Simon , chairman and CEO of Simon Property Group, adds, “The acquisition of The Shops at Crystals provides us with an extraordinary opportunity to obtain a high-quality asset in a growing marketplace. We look forward to perpetuating and building upon the successful foundation that CityCenter has created to further distinguish The Shops at Crystals as a leading retail destination.” The Shops at Crystals is anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co., as well as 30 luxury retailers including Celine, Saint Laurent and Richard Mille. Since opening in late 2009, the Shops at Crystals has been recognized for its architectural sophistication, according to a prepared release, with its exterior designed by Daniel Libeskind and its interior designed by David Rockwell. The asset features a dedicated tram station, connecting to the Bellagio Resort & Casino and Monte Carlo Resort & Casino and is in close proximity to several luxury resorts totaling approximately 16,000 rooms. It is also the most pedestrian accessible and centrally located retail property on the Las Vegas Strip, the release says.. CityCenter was represented by Jones Lang LaSalle, which brokered the sale. “Las Vegas has experienced significant economic growth over the past few years, with a record number of visitors in 2015 and an increasing international clientele,” says Michael Zietsman , director at JLL. “Visitors now spend more than half their travel budget on non-gaming expenditures. A sale like this has never made more sense.”