Hall of Fame Resort and Entertainment Company Secures Funding to Facilitate Completion of Phase II of Development
Core funding secured to support completion of Hall of Fame Village football-themed water park and Hilton Tapestry Hotel
CANTON, Ohio, November 9, 2022 /PRNewswire/ — 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 soccer, announces today that it secured key funding totaling $78 million to help facilitate the completion of the remaining Phase II assets for the Hall of Fame Village development.
HOFV has secured $50 million a special purpose vehicle under Oak Street Real Estate Capital, LLC, a division of Blue Owl (“Oak Street”), based in Chicago, in a sale-leaseback transaction to help build the planned football-themed water park. The company has also secured substantial support from its major shareholder, Industry Realty Group, LLC (“IRG”). IRG’s multiple levels of support include a football-themed water park completion guarantee commitment, a term sheet for a $28 million senior loan for the construction of the Hilton Tapestry hotel on site at the Hall of Fame Village, as well as the restructuring of existing debt owed to IRG.
The funding from Oak Street, coupled with commitments from IRG and other funding vehicles, will enable HOFV to complete the final two assets of its Phase II development which, in turn, enhances revenue generation for all of its activities as it continues to open several unique sports. themed assets on the Hall of Fame Village campus.
“These two financing agreements are significant signs of progress towards achieving the stated end goals of our Phase II financing plan. Our strategy to obtain “just-in-time financing” and our ability to articulate our process to shareholders and lenders have enabled us to improve our debt profile and generate value for our shareholders – even in the face of the global pandemic and challenging environment and rising interest rates,” said Michael CrawfordCEO of HOFV.
The final two assets completing the Phase II development will be located on the north end of campus adjacent to the fan engagement area. The 147,000 square foot football-themed water park will be highlighted by a waterslide tower, lazy river, wave pool, zero-entry fun zone, swim-up bar and fun zone outside. The upscale seven-story, 154,000-square-foot Hilton Tapestry hotel will feature 180 guest rooms, 10 suites, a grand ballroom, multiple meeting rooms, an indoor pool, as well as a 106-seat full-service restaurant with indoor and outdoor seating.
About Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Based at Canton, Ohio, the Hall of Fame Resort & Entertainment Company owns the Hall of Fame Village, a multi-purpose sports, entertainment and media destination centered on the campus of the Pro Football Hall of Fame. Additional information about the Company is available at www.HOFREco.com. Game problem? Call 1-800-GAMBLER – 21 and older and physically present in Ohio. Subject to regulatory licensing 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’, ‘towards’, ‘build’, ‘come’ and ‘look ahead’ and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. 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 control of the Company, which may result in actual results. or results 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 to construct planned 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 in particular economic and market conditions in the resort and entertainment industry; the effects of the current global coronavirus (COVID-19) pandemic on capital markets, general economic conditions, unemployment and Company liquidity, operations and personnel; increase in inflation; the inability to maintain the listing of the Company’s stock on Nasdaq; and the 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 statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE Hall of Fame Resort & Entertainment Company