Fontainebleau Las Vegas Secures $2.2 Billion Loan, Set to Open in 2023
Fontainebleau Development and Koch Real Estate Investments (KREI) have secured a $2.2 billion construction loan with J.P. Morgan as administrative agent, to complete to complete the Fontainebleau Las Vegas. This is a the 67-story hotel, gaming, meeting, and entertainment destination at to the north end of the Las Vegas Strip.
The financing deal keeps construction on schedule and paves the way for Fontainebleau Las Vegas to make its global debut in the fourth quarter of 2023. The two companies acquired the property in 2021.
Fontainebleau Las Vegas spans 25 acres and nine million square feet at the northern end of the Las Vegas Strip directly adjacent to the Las Vegas Convention Center. It will feature approximately 3,700 luxury hotel rooms, 550,000 square feet of customizable convention and meeting space, and a collection of gaming, dining, retail, lifestyle, and health and wellness experiences.
“We would like to thank J.P. Morgan, SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim, and VICI Properties for recognizing both the potential of this property and the expertise of those involved in its capitalization, design, and construction,” said Jacob Francis, president, Koch Real Estate Investments. “Securing $2.2 billion in financing in today’s market speaks to the widespread confidence in this project, and the team that’s come together to bring it to Las Vegas.”
Additional information can be found at fontainebleaulasvegas.com.
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