The Macau Metro Monitor. October 20th, 2009
GRAND HYATT MACAU OPENS IN THE CITY OF DREAMS hotelinteractive.com
Hyatt Hotels & Resorts today announced the opening of Grand Hyatt Macau located on the Cotai Strip in the new City of Dreams development. The 791-guestroom hotel has fifteen individual function areas spanning more than 968,000 square feet. Grand Hyatt Macau now has one of the largest event spaces in Macau.
VENETIAN MACAU SEEKS $1.75 - $2 BILLION FINANCING reuters.com
Las Vegas Sands Corp is seeking $1.75 billion to $2 billion five-year financing for its subsidiary, Venetian Macau, almost twelve months after cancelling a $5.25 billion financing and mothballing its Macau projects, according to banking sources. Funds from the new deal will be used to complete Lots 5&6. The news could come as a boost ahead of the company’s upcoming $1.5billion - $2 billion initial public offering in Hong Kong in November.
The financing is said to comprise of revolving credit and a term loan. LVS is rumored to be seeking a rate of 400 basis points over LIBOR, while “bankers looking at the deal” said they would expect pricing over 500 basis points all-in.