MGM Resorts International, through its CityCenter Holdings LLC venture with Infinity World Development Corp., closed the sale of the Mandarin Oriental Las Vegas hotel, along with retail parcels close to the property, for $214 million cash.
CityCenter intends to distribute roughly $200 million of the proceeds to its shareholders, MGM Resorts and Infinity World in the third quarter. The sale was agreed on in March.
The 50/50 joint venture did not disclose the buyer in a release but The Associated Press reported Aug. 30 that CCLV Luxury Hotel LLC, a partnership between fast-food chain Panda Express founders Andrew and Peggy Cherng and hotel investor Tiffany Lam, purchased the Las Vegas Strip property. Hilton Worldwide Holdings Inc.-owned Waldorf Astoria Hotels will rebrand and renovate the property.
The 392-room hotel has a Leadership in Energy and Environmental Design gold certification, 12,000 square feet of meeting space and a two-level spa, among others.
Mandarin Oriental Hotel Group Ltd. ceased to be the property's manager Aug. 30, following the finalization of the sale.