Realty Income’s $1.7 Billion Acquisition of Encore Boston Harbor Real Estate

Kirkland & Ellis advised Wynn Resorts on the deal.

Wynn Resorts (NASDAQ: WYNN) completed the sale of the land and real estate assets of Encore Boston Harbor to Realty Income (NYSE: O) for $1.7 billion. Upon the closing of the transaction, Wynn Resorts will enter into a triple-net lease agreement for Encore Boston Harbor with Realty Income. The transaction is subject to customary closing conditions and is expected to be completed during the fourth quarter of 2022.

Wynn and Encore Las Vegas features 4,748 spacious hotel rooms, suites and villas, 33 dining experiences and bars, two award-winning spas, three shopping esplanades, meeting and convention space, two nightclubs, a beach club, two theaters and a golf course. Nearly 70% of the resort’s peak demand is powered entirely by renewable energy.

Encore Boston Harbor is a luxury resort with 671 hotel rooms, an ultra-premium spa, specialty shopping, 16 dining and lounge venues, state-of-the-art ballroom and meeting spaces, a six-acre public park and Harborwalk.

Realty Income, The Monthly Dividend Company®, is an S&P 500 company and member of the S&P 500 Dividend Aristocrats® index. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from approximately 11,000 real estate properties owned under long-term net lease agreements with commercial clients.

The Kirkland team was led by corporate partner Carlo Zenkner (Picture) and real estate partners Richard Grossman and Jonathan Schechter as well as corporate partner Eric Schiele. 

Involved fees earner: Richard Grossmann – Kirkland & Ellis; Jonathan Schechter – Kirkland & Ellis; Eric Schiele – Kirkland & Ellis; Carlo Zenkner – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Wynn Resorts Ltd;