LAS VEGAS, Nev. (FOX5) – Caesars Entertainment announced Tuesday it has entered an agreement to sell the LINQ Promenade.
Caesars will sell the LINQ Promenade for $275 million to TPG Real Estate and the Investment Management Platform of Acadia Realty Trust, according to a news release.
The shopping and restaurant plaza on the Las Vegas Strip is located directly in front of the High Roller observation wheel right in between Flamingo and Harrahs.
“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Caesars Entertainment CEO Tom Reeg.
The transaction will be contingent on “customary approvals and other closing conditions,” the company said.
Caesars does not mention the LINQ hotel property and the High Roller wheel in the release.
The sale is expected to close by the end of the year.
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