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ICI Properties has formed a strategic partnership with Cain International and Eldridge Industries to invest in high-growth, experience-driven real estate. The collaboration begins with VICI's $300 million investment into a mezzanine loan for One Beverly Hills, a 17.5-acre luxury mixed-use development. The project features Aman Beverly Hills, the brand's first West Coast hotel, along with Aman-branded residences and an Aman Club. It also includes a renovation of The Beverly Hilton and incorporates 10 acres of botanical gardens, luxury retail, and dining experiences.

    The development will include 5.5 acres of private botanical gardens for Aman residents and guests, plus 4.5 acres of public space. VICI funded the investment through cash on hand and its existing revolving credit facility. Construction has begun with completion expected in late 2027.

    This partnership marks a significant shift for VICI Properties, representing its first major venture outside its core gaming portfolio. The mezzanine loan structure allows VICI to secure an attractive risk-adjusted return while maintaining downside protection through the senior position's equity cushion. This approach enables VICI to participate in the luxury real estate sector's upside while managing exposure risks.

    The strategic relationship with Cain International and Eldridge Industries positions VICI to access a pipeline of high-quality experiential real estate opportunities, potentially accelerating its portfolio diversification strategy. The collaboration with established luxury real estate developers provides VICI with valuable expertise in the ultra-luxury segment.

    One Beverly Hills exemplifies the evolution of premium real estate development, where success increasingly depends on creating immersive experiences rather than just physical assets. The integration of Aman Beverly Hills, The Beverly Hilton's renovation, and extensive botanical gardens creates a multi-faceted revenue ecosystem that could prove more resilient to market cycles than traditional single-use properties.

    The expected completion in late 2027 positions the development to potentially capitalize on post-pandemic luxury spending trends and evolving consumer preferences for integrated live-work-play environments.