VICI Properties has increased its participation in the One Beverly Hills mixed‑use project by extending a $1.5 billion mezzanine loan, bringing the total financing package to $4.3 billion. The senior portion of the debt, led by JPMorgan, totals $2.8 billion, positioning VICI as a key financial partner in the landmark luxury development.
The 17.5‑acre project will host Aman Beverly Hills, a new hotel, residences and club, and will include a refurbishment of the historic Beverly Hilton. Additional features include botanical gardens, retail and dining spaces, and a master plan by Foster + Partners. Cain International and Eldridge Industries are the developers behind the project.
Construction began in 2024, with vertical construction slated to start in fall 2025. Phased delivery is scheduled to commence in 2027, with completion expected between 2027 and 2028. The project’s total investment is estimated at $10 billion, of which the $4.3 billion financing package represents a substantial portion of the capital stack.
VICI’s commitment to the project has grown from an initial $450 million investment to a total of $1.95 billion in financing. The company’s Q4 2025 results showed an EPS of $0.60 versus an estimate of $0.66, and an AFFO of $642.5 million. With approximately $3.2 billion in liquidity as of December 31 2025, VICI is funding the new loan with cash on hand.
A non‑binding letter of intent for an Experiential Cross‑Capital Venture has been signed between VICI, Cain, and Eldridge. The venture is designed to identify and fund future experiential real‑estate opportunities, reinforcing the partners’ shared focus on high‑profile, place‑based developments.
VICI’s expansion into high‑end hospitality and experiential real‑estate marks a strategic shift beyond its core gaming assets. The partnership with Cain and Eldridge, the sustainability focus of the project, and the significant financing underscore VICI’s commitment to building world‑leading destinations. "This significant increase in VICI's participation in the financing of One Beverly Hills reflects our confidence in Cain's experiential placemaking capabilities and the standing of Beverly Hills as one of the world's foremost luxury markets," said David Kieske, CFO of VICI.
"We greatly value VICI's conviction in One Beverly Hills. This financing marks a meaningful step forward, and we are thrilled to be delivering what will be one of the most significant destinations in North America with them as our partners," added Jonathan Goldstein, Co‑Founder and CEO of Cain.
"We are enthusiastic about the expansion of our partnership with Cain and Eldridge Industries through a truly unique, place‑based development project in One Beverly Hills. VICI shares our partners' conviction in the strength of high‑end experiences in world‑leading destinations, and we look forward to continuing to grow our strategic relationship with Cain and Eldridge Industries for years to come," said Ed Pitoniak, CEO of VICI.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.