THE GOLDEN PHOENIX CASINO & HOTEL
600 Keys in Reno, Nevada
The Golden Phoenix Casino and Hotel was acquired in 2001 for $6.9M with significant near-term capex requirements and declining operating performance. Both Ally and Amin maintained a gaming license with the State of Nevada until the sale of this casino in 2006.
Value Add
The property required $9.5M of additional capital and Vista recognized the highest and best use for the property as a condominium conversion.
Exit
The property was sold in May 2006 for $30.5M generating an equity multiple of 2.6x, subject to the building’s change of use to condominiums. The property was subsequently converted to The Montage Reno residential condominium.
$9.5 million
value add
$30.5 million
exit
2.6x
return on equity
THE DELTA BEAUSEJOUR
314 Keys in Moncton, New Brunswick
Acquired in a partnership with ING from Assumption Life for $8.3M (50% equity). The property had declining performance, capex requirements and was subject to a ground lease. The equity required was only $1.0M and the mortgage was assumed.
Value Add
Vista recapitalized the asset, cured the title issues and made physical and operational improvements to stabilize the property with an operating income in excess of $500k annually.
Exit
The property was sold in 2007 to Legacy REIT for $21.2M, generating a 29.0x return on equity for Vista.
$???
value add
$21.2 million
exit
29.0x
return on equity
THE HOLIDAY INN SELECT
238 Keys & 40,000 SF of Facilities in Quebec, Quebec
Acquired in 1998 for $3.9M with $300,000 in sponsor equity, Vista invested an additional $2.5M in renovation equity.
Value Add
Vista completed the capital improvements and successfully repositioned the property, increasing the operating income to over $1.3M annually.
Exit
The property was sold in 2003 to a US based hotel REIT for approximately $19.0M (~$80k/key) from an initial basis of $30k per key. The property was subsequently converted into a Hotel PUR by Starwood.
$2.5 million
value add
$19.0 million
exit
2.7x
return on equity
CHAMPIONSGATE OFFICE
44,800 SF Office in Championsgate, Florida
Acquired in December 2010 for $2.5M. Approximately $400k was spent on capex to re-tenant the property.
Value Add
Vista worked with local property leasing agents and incentivizing tenants with TI’s to reposition the asset.
Exit
The property was sold in October 2016 for $7.3M. Vista achieved an equity multiple of 6.9x.
$400,000
value add
$7.3 million
exit
6.9x
return on equity
PREMIER POINT NORTH & SOUTH OFFICES
97,119 SF Office in Altamonte Springs, Florida
Acuiqred in December 2013 for $4.0M, the property comprises approximately 97,119 SF across two buildings: North and South.
Value Add
The property was approximately 50% occupied at the time of acquisition. Vista invested an additional $1.8M to reposition this asset. Vista recapitalized the asset, updated the facade, provided incentives and TI’s.
Exit
The property was sold in September 2019 at a price of $11.8M generating an equity multiple of 4.0x for Vista. Upon exit, the property was taken to a 95% occupancy. Vista cash flowed on this property for several years prior to its sale in 2019.
$1.8 million
value add
$11.8 million
exit
4.0x
return on equity