After major investments in gaming properties, VICI Properties Inc. is turning to other types of experiential real estate, entering into a delayed draw term loan facility for up to $120 million and a purchase and sale agreement with Cabot, a developer, owner and operator of destination golf resorts and communities. The loan proceeds will fund Cabot’s property-wide transformation of Cabot Citrus Farms in Brooksville, Florida, with the addition of a new clubhouse, luxury lodging, health and wellness facilities and a village center. Cabot Citrus Farms will be the first American property in Cabot’s diverse collection of luxury golf and master-planned communities and is expected to open in 2023.
“Over the last two years, as we’ve surveyed the global experiential landscape, we’ve become very interested in what we, at VICI, call ‘pilgrimage experiences.’ These are recreational, leisure, cultural and other life-enhancing experiences that stand as the pinnacle experiences in their categories,” said Edward Pitoniak, VICI CEO. “At VICI, we’re determined to become a preferred partner to these place-makers and experience creators. Accordingly, we’re very proud and excited to announce our new partnership with Cabot, one of the world’s leading developers and operators of pilgrimage golf experiences.”
Pursuant to the agreement, VICI will convert a portion of the loan facility into the ownership of certain Cabot Citrus Farms real estate assets and simultaneously enter into a triple-net lease with Cabot that has an initial term of 25 years, with five five-year tenant renewal options. This Cabot Citrus Farms transaction marks the first transaction in the broader Cabot-VICI investment partnership.
Cabot is the developer and operator of luxury residential, resort and golf destinations. Its portfolio includes Cabot Cape Breton in Nova Scotia, Canada; Cabot Saint Lucia in the Caribbean, Cabot Revelstoke in British Columbia, Canada and Cabot Citrus Farms in Florida. Located in the central-west region of Florida, Cabot Citrus Farms is set across 1,200 acres. It is set to open in 2023 with two 18-hole golf courses, a par-3 course, a new nine-hole course, a new clubhouse and a practice facility. In addition to golf, the property will offer luxury accommodations, real estate, food and beverage offerings and amenities.
“Cabot’s mission is to set the stage for unforgettable experiences in extraordinary places. We are excited about our growth partnership with VICI, who share the same vision and values, centering on great people making great places that endure for generations,” said Ben Cowan-Dewar, Cabot co-founder and CEO. “Cabot Citrus Farms is an incomparable opportunity to bring to Florida our approach to golf place- and experience-making. Our golf course and resort village design teams are building on all we’ve learned at Cabot Cape Breton, Cabot Saint Lucia and Cabot Revelstoke. We’re thrilled to partner with VICI at Cabot Citrus Farms and, over time, at other great destinations around the world.”
