Dreamscape Companies, a New York-based real estate development and investment firm, completed a $850M capital raise.
The funding was managed by financial institutions Wells Fargo, which led the debt syndicate, and Raymond James, which led the equity private placement.
Led by CEO and Founder Eric Birnbaum, Dreamscape is focused on developing residential, retail, hospitality, entertainment and gaming properties into dynamic environments. Its team of real estate professionals has collectively deployed in excess of $35 billion across residential, retail, hospitality, entertainment and gaming properties and has decades of experience in these verticals. The team has worked on a diverse portfolio of significant properties, including critically acclaimed endeavors such as Henry Hall in New York’s Hudson Yards, The Pod Hotel in New York’s Times Square, The Goodtime Hotel in South Beach, Miami, Rio Hotel & Casino in Las Vegas, and 5420 Sunset Boulevard in Hollywood, Los Angeles.
With the fundraise, the firm will launch two independent platforms:
- Dreamscape Entertainment Properties, Inc., an experiential real estate investment trust that will own gaming, hospitality and entertainment assets, and
- Dreamscape Entertainment Integrated Resorts, Inc., an operator of gaming, hospitality and entertainment assets.
These new, independent platforms will focus on investing and operating in strategically located, high-barrier-to-entry markets with asymmetric growth potential.
The capital raise will also finance a multi-phase renovation of Dreamscape’s first gaming property, the iconic Rio Hotel & Casino Las Vegas. The company acquired the property in late 2019 from Caesars Entertainment, contemporaneously entering into a sale lease-back with Caesars to operate the property. The property will remain open throughout the renovation, with the company slated to officially take over and manage operations at the resort in 2023.
FinSMEs
16/02/2023