{"id":1004382815,"date":"2020-01-16T06:48:20","date_gmt":"2020-01-16T14:48:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004382815"},"modified":"2020-10-01T02:56:15","modified_gmt":"2020-10-01T10:56:15","slug":"caesars-vici-sell-reno-hotel-for-50m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/","title":{"rendered":"Caesars, VICI to Sell Reno Hotel"},"content":{"rendered":"<div id=\"attachment_1004382887\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004382887\" data-attachment-id=\"1004382887\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/harrah-s-reno-hotel\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\" data-orig-size=\"1271,952\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Harrah\u2019s Reno Hotel. Image via Google Street View\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Harrah\u2019s Reno Hotel. Image via Google Street View&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg?w=1024\" class=\"wp-image-1004382887 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\" alt=\"Harrah\u2019s Reno Hotel. Image via Google Street View\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg 1271w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg?resize=768,575 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg?resize=1024,767 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004382887\" class=\"wp-caption-text\">Harrah\u2019s Reno Hotel. <em>Image via Google Street View<\/em><\/p><\/div>\n<p>Caesars Entertainment Corp. and VICI Properties have signed an agreement to sell Harrah\u2019s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million. Caesars will receive 25 percent of the proceeds, while VICI will get 75 percent.&nbsp;<\/p>\n<p>Caesars will continue to operate the hotel in Reno, Nev., under a short-term lease with the new owner, which will allow the company to end operations at the property during the second half of this year. At the end of the term, the former owner will deliver the asset to the buyer, which will develop it into a mixed-use project. Gryphon Private Wealth Management will act as CAI&#8217;s capital partner for the redevelopment.&nbsp;<\/p>\n<p>Located at 219 N. Center St., in downtown Reno, the property is half a mile from Interstate 80 and within walking distance of the Amtrak station. Reno-Tahoe International Airport is within 4 miles of the hotel.&nbsp;<\/p>\n<p>The agreement comes a few months after VICI closed an $843 million deal to <a href=\"https:\/\/www.commercialsearch.com\/news\/vici-inks-843m-purchase-leaseback-deal\/\">acquire two gaming assets<\/a> in and around Cleveland.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partnership has agreed to sell the asset to an affiliate of CAI Investments for $50 million.<\/p>\n","protected":false},"author":868,"featured_media":1004382887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21751,21783,21742,15],"tags":[35701,38899,37922],"class_list":["post-1004382815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-hotel","category-investment","category-latest","category-west","tag-caesars-entertainment-corporation","tag-cai-investments","tag-vici-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Caesars, VICI to Sell Reno Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars, VICI to Sell Reno Hotel\" \/>\n<meta property=\"og:description\" content=\"The partnership has agreed to sell the asset to an affiliate of CAI Investments for $50 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-16T14:48:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-01T10:56:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1271\" \/>\n\t<meta property=\"og:image:height\" content=\"952\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sergiu Inizian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\",\"name\":\"Caesars, VICI to Sell Reno Hotel - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\",\"datePublished\":\"2020-01-16T14:48:20+00:00\",\"dateModified\":\"2020-10-01T10:56:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/77efc8abfd11ea13ed9ee7a0e190eb2a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/01\/Harrah-s-Reno-Hotel.jpg\",\"width\":1271,\"height\":952,\"caption\":\"Harrah\u2019s Reno Hotel. 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