Priority funding has been secured to support the completion of the Hall of Fame Village soccer-themed water park and the Hilton Tapestry hotel
Canton, Ohio, November 9, 2022 /PRNewswire/ — The Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company focused on the power of professional football, announced today that it has secured significant funding totaling $78 million to facilitate the completion of the remaining Phase II facilities for the Hall of Fame Village development.
HOFV has received $50 million from a special purpose vehicle of Oak Street Real Estate Capital, LLC, a division of Chicago-based Blue Owl (“Oak Street”), in a sale-leaseback transaction to purchase the proposed construction Support football-themed water parks. The Company also secured significant support from its largest shareholder, Industry Realty Group, LLC (“IRG”). IRG’s multiple levels of support include a soccer waterpark completion guarantee, a $28 million senior loan term sheet for the construction of the on-site Hilton Tapestry hotel in the Hall of Fame Village, and the restructuring of existing debt to the IRG.
The Oak Street funding, coupled with commitments from IRG and other funding vehicles, will allow HOFV to complete the final two assets of its Phase II development, which in turn will increase revenue generation for its overall business as it continues to develop multiple unique sports – Themed facilities on the Hall of Fame Village campus.
“These two financing agreements are clear signs of progress toward achieving the stated ultimate goals of our Phase II financing plan. Our strategy to achieve “just-in-time financing” and our ability to articulate our process to shareholders and lenders this allows us to improve our debt profile and create value for our shareholders – even in the face of the global pandemic and the difficult and escalating interest rate environment,” said Michael Crawford, President and Chief Executive Officer of HOFV.
The final two facilities, completing Phase II of development, will be located at the north end of campus adjacent to the Fan Engagement Zone. The 147,000 square foot soccer-themed water park is highlighted by a waterslide tower, lazy river, wave pool, zero-entry fun zone, swim-up bar and outdoor entertainment area. The seven-story, 154,000-square-foot premium Hilton Tapestry hotel will feature 180 guest rooms, 10 suites, a grand ballroom, multiple meeting spaces, an indoor pool, and a 106-seat full-service restaurant with indoor and outdoor seating.
About the Hall of Fame Resort & Entertainment Company
The Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company that harnesses the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, Hall of Fame Resort & Entertainment Company owns Hall of Fame Village, a diverse sports, entertainment and media destination centered on the Pro Football Hall of Fame campus. Further information about the company can be found at www.HOFREco.com. gambling problem? Call 1-800-GAMBLER – Minimum age 21 and physically present in Ohio. Subject to regulatory approval requirements.
Certain statements made herein are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words and phrases such as “opportunity,” “future,” “will,” ” Goal”, “enable”, “pipeline”, “transition”, “move forward”, “towards”, “expand”, “come” and “look ahead” and similar expressions predicting or indicating future events or trends or which are not statements of historical matter. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the Company’s control, which could cause actual results to differ materially from those discussed in the forward-looking statements. Important factors that could affect actual results or results include, among others, the company’s ability to manage growth; the Company’s ability to execute its business plan and meet its projections, including obtaining financing for the construction of proposed facilities; potential litigation involving the Company; changes in applicable laws or regulations; general economic and market conditions affecting demand for the Company’s products and services, and particularly economic and market conditions in the resort and entertainment industries; the impact of the ongoing global coronavirus (COVID-19) pandemic on the capital markets, general economic conditions, unemployment and the Company’s liquidity, operations and personnel; increased inflation; the inability to maintain the listing of the Company’s shares on the Nasdaq; and those risks and uncertainties discussed from time to time in our reports and other public filings with the SEC. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
View original content to download multimedia: https://www.prnewswire.com/news-releases/hall-of-fame-resort-and-entertainment-company-secures-financing-to-facilitate-completion-of -phase-ii-development-301673672.html
SOURCE Hall of Fame Resort & Entertainment Company