After a six-year partnership, one of the developers behind the Vista Tower is buying out its majority partner for $270 million. Wanda Hotel Development recently agreed to sell its own 90-percent stake in the building to an affiliate of its Chicago partner to cut debt.
Previously, Magellan Development Group owned just 10-percent of the project. The Chinese partner had been looking for a buyer for its stake in the property for at least two years. The on-going pandemic has made its current financial woes even more challenging.
The $270 million buyout accounts for Wanda’s equity stake in the estimated $1 billion condo and hotel project. Wanda and Magellan collectively financed construction of the tower with a $700 million loan.
The 101-story tower should be completed later this year, but the deal does raise some questions about the future of the hotel portion of the property. Previously, Wanda planned to use its own name on the hotel.
For additional information about condos for sale or rent at Vista Tower, contact the luxury agents with Gold Coast Realty at your earliest convenience.