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Receives advanced financing to support completion of the Village of Fame football-themed water park and Hilton Tapestry hotel
Canton, Ohio, November 9, 2022 /PRNewswire/ — Hall of Fame Resorts and Entertainment, Inc. (“HOFV” or the “Company”) (NASDAQ: HOFVHOFVW), the only resort, entertainment and media company with professional football power at its core, announced today that it has secured key financing $78 million Assist in the completion of the remaining Phase II assets to develop the Hall of Fame Village.
HOFV has ensured $50 million From a special purpose entity of Oak Street Real Estate Capital, LLC, a division of Blue Owl (“Oak Street”), headquartered in Chicago, in a sale and leaseback deal to help build a planned football-themed water park. The company also received strong support from its largest shareholder, Industry Realty Group, LLC (“IRG”). IRG’s multi-layered support includes a guaranteed completion commitment for a football-themed water park, $28 million Senior loan for construction of on-site Hilton Tapestry Hotel in Hall of Fame Village and restructuring of existing debt to IRG.
Oak Street financing, coupled with commitment from IRG and other financing vehicles, will allow HOFV to complete the final two assets of its Phase II development, increasing revenue generation across all of its businesses while continuing to open several unique sports programs – Hall of Fame The theme asset of the Village Campus.
“These two financing arrangements are an important sign of progress towards the stated end goal of our Phase 2 financing plan. Our strategy to obtain ‘just in time financing’ and our ability to articulate our process to shareholders and lenders has allowed us to improve our debt position and create value for our shareholders – even in the face of a global pandemic and a difficult and escalating interest rate environment,” said Michael CrawfordPresident and CEO of HOFV.
The final two assets to complete the Phase II development will be located at the northern end of the campus, adjacent to the fan interaction area. The 147,000-square-foot football-themed water park will feature a waterslide tower, lazy river, wave pool, zero-entry play area, swim-up bar and outdoor entertainment areas. The 7-story, 154,000-square-foot upscale Hilton Tapestry will feature 180 guest rooms, 10 suites, a grand ballroom, several meeting rooms, an indoor pool, and a full-service 106-seat Restaurant with indoor and outdoor seating.
About Hall of Fame Entertainment
Hall of Fame Entertainment (NASDAQ: HOFV, HOFVW) is a vacation and entertainment company that leverages the power and visibility of professional football and its legendary players to partner with the Pro Football Hall of Fame.Headquartered in Canton, Ohio, Hall of Fame Resorts and Entertainment is the owner of Hall of Fame Village, a multi-purpose sports, entertainment and media destination centered on the Pro Football Hall of Fame campus.For more information about the company, please visit www.HOFREco.com. Gambling problems? Call 1-800-GAMBLER – 21+ and in Ohio required. Complies with regulatory licensing requirements.
forward-looking statements
Certain statements 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 such as “opportunity,” “future,” “will,” “target,” “enable,” “pipeline,” “transition,” “going forward,” “towards,” “construction,” “coming soon.” Statements such as “outlook” and the like predict or indicate future events or trends or are not statements of historical events. 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 outside the company’s control, could cause actual results or results to differ materially from those discussed in the forward-looking statements. Important factors that could affect actual results or results include, among other things, the company’s The ability of the company to manage growth; the company’s ability to execute its business plans and achieve its forecasts, including obtaining funding to construct planned facilities; potential litigation involving the company; changes in applicable laws or regulations; general economic and market demand for the company’s products and services Conditions, particularly economic and market conditions in the vacation and entertainment industry; the impact of the ongoing global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment, and corporate liquidity, operations and personnel; inflation the inability to maintain a listing of the company’s stock on the Nasdaq; and the risks and uncertainties discussed from time to time in our reports to the SEC and other public filings. The company undertakes no obligation to update or revise any forward-looking unless required by law Obligation to make sexual statements, whether as a result of new information, future events or otherwise.
SOURCE HALL OF FAME ENTERTAINMENT COMPANY
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