Pinnacle Entertainment Closes on Its Purchase of Embassy Suites Hotel(R) - St. Louis-Downtown
LAS VEGAS, NV, Sptember 7, 2005. Pinnacle Entertainment, Inc. announced that it has closed on its purchase of the 297-suite Embassy Suites Hotel(R) - St. Louis-Downtown from FelCor Lodging Trust. The hotel, purchased for $38 million, is adjacent to the Company's planned casino, luxury hotel and spa.
"With this important purchase complete, we will now move to renovate the hotel and incorporate it into the design of our neighboring casino and luxury hotel," said Daniel R. Lee, Chairman and CEO of Pinnacle Entertainment. "We look forward to incorporating the Embassy Suites Hotel(R) into our portfolio."
The Company said it will attach the Embassy Suites to the new casino and luxury hotel through an elevated pedestrian walkway, incorporating it directly into the new project. "This purchase is an important piece in our ability to master plan a new entertainment district and community in downtown St. Louis," Lee said.
Pinnacle Entertainment was selected for two St. Louis-area projects in early 2004 by the City and County of St. Louis, and then by the Missouri Gaming Commission in competitive bid processes that included applications from several gaming companies.
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