Canton Hall of Fame Village Secures $78 Million in Funding to Complete Phase II Construction
Call it a fun zone loan.
The Hall of Fame Resort & Entertainment Co. announcement this week that it secured $78 million in funding to complete Phase II of the Hall of Fame Village, which includes an indoor water park and Hilton Tapestry hotel.
The Village secured $50 million from a special purpose vehicle under Chicago-based Real Estate Capital LLC, a division of Blue Owl, in a sale-leaseback transaction. The money will be used to build the 147,000 square foot football-themed water park, which will feature a waterslide tower, lazy river, wave pool, zero-entry entertainment area, swim-up bar and an outdoor entertainment area.
The Village has also secured “substantial support” from its largest shareholder, Industry Realty Group LLC. This includes a completion guarantee commitment for the water park, a term sheet for a $28 million senior loan for the construction of the Hilton Tapestry hotel as well as the restructuring of existing debt owed to IRG. The seven-story, 154,000-square-foot hotel will feature 180 rooms, 10 suites, a grand ballroom, multiple meeting rooms, an indoor pool, and a 106-seat full-service restaurant with indoor and outdoor seating. the outside.
Both assets will be built on the north side of the village, adjacent to the fan engagement area. The fan engagement area features several retail and dining options, including a Build-A-Bear Workshop, Brew Kettle Restaurant, Don Shula’s Steakhouse, SMOOSH Cookies, and a Top Golf Swing Suite. It will also include a physical bookmaker Rush Street. Ohio Casino Control Board gave conditional approval at the Village sports betting app on November 2.
The Village plans to complete construction of Phase II by the end of 2023. Previous Phase II features include the domed performance center (which held its grand opening earlier this month), the Play Action Plaza and three additional grass pitches at the Village Sports Complex. .
“These two funding agreements are significant signs of progress toward achieving the stated end goals of our Phase II funding plan,” Village President and CEO Michael Crawford said in the press release. . “Our strategy to capture ‘just-in-time financing’ and our ability to articulate our process to shareholders and lenders has enabled us to improve our leverage profile and drive value for our shareholders – even in the face of the downturn. global pandemic and the challenging and rising interest rate environment.”
Village stock was doing business at 66 cents per share effective Friday, November 11. The Nasdaq said in May that the station must get its stock price above $1 per share or face the possibility of delisting. At the end of September, the shareholders of the station approved a reverse stock split if necessary.