The Shops at Crystals in Las Vegas get a new owner

By

Jennifer Braun

Published
Mar 18, 2016

CityCenter Holdings announced on Friday that it has entered into a definitive agreement to sell The Shops at Crystals in Las Vegas to Invesco Real Estate and Simon Property Group, 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 Shops at Crystals boasts over 324,000 square feet of luxury shopping space. 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 unique-to-market luxury retailers including Celine, Saint Laurent and Richard Mille.

 
"This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world. A staple of CityCenter and ideally located on the Las Vegas Strip, The Shops at Crystals provides the preeminent luxury retail experience," says Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International, in a news statement. "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."
 
The Shops at Crystals opened in late 2009.

"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," adds David Simon, Chairman and Chief Executive Officer of Simon Property Group.
 
The transaction is expected to close in the second quarter of 2016, subject to customary closing conditions.