Hall of Fame Resort & Entertainment Company secures $ 40 million loan from Aquarian Holdings
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 football and owner of the Hall of Fame Village powered by Johnson Controls (“the Destination”), today announced that it has entered into a definitive financing agreement (the “Agreement”) with a subsidiary of Aquarian Holdings (“Aquarian”).
Under the Agreement, HOFV has obtained a loan of $ 40 million (the “Loan”) which it will use to repay the balance of an existing bridge loan. Remaining funds from this deal and the company’s recent capital increase will provide additional working capital to help advance HOFV’s strategic priorities, including continued construction of Phase II of the destination. The loan has a term of 12 months and can be extended for an additional 12 months.
In addition to the brand new DoubleTree by Hilton hotel which has been renovated in downtown Guangzhou, when completed, Phase II will include: the Center for Performance, a state-of-the-art 100,000 square foot indoor sports complex, and a sports center. training establishment; the Constellation Center of Excellence, a 75,000 square foot mixed-use facility; a covered football-themed water park; additional youth fields; a commercial promenade; stadium enlargements; and an upscale hotel on campus.
“We are delighted to enter into this financing agreement with an excellent partner in Aquarian, which allows us to approach the maturity of our debt while giving us the opportunity to advance our strategic business plan for Phase II.” This includes the further development of our verticals and the continued development of our one-of-a-kind destination, ”said Michael Crawford, President and CEO of HOFV. “We are energized by the great progress we are making and look forward to advancing our short and long term goals for our investors. “
Since becoming a publicly traded company in July 2020, HOFV has made considerable progress in developing its various lines of business and diversifying its sources of income. The company successfully completed the $ 28 million renovation and opening of DoubleTree by Hilton Canton Downtown, inaugurated the Constellation Center for Excellence and signed partnerships with a number of leading companies such as Shula’s Restaurant Group, Sports Illustrated Studios, TopGolf and Republic Services. HOFV also acquired and rebranded the first national community-supported fantasy football league in The Hall Of Fantasy League, and helped establish the NFL Alumni Academy, which had a successful first season.
About Hall of Fame Resort & Entertainment
The Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company harnessing the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Based in Canton, Ohio, the Hall of Fame Resort & Entertainment Company owns the Hall of Fame Village powered by Johnson Controls, a multi-purpose sports, entertainment and media destination centered around the Pro Football campus. Hall of Fame. Additional information about the Company is available on www.HOFREco.com.
About Aquarian Holdings
Aquarian Holdings is a diversified holding company with interests in businesses such as insurance, asset management, real estate and technology. We draw on our decades of collective experience to provide debt and equity solutions that meet the goals of our partners and portfolio companies. For more information, please visit www.aquarianlp.com.
Certain statements made here 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 “advisability,” “future”, “will”, “objective” and “look to the future” and other similar expressions which predict or indicate future events or trends or which are not statements of historical matters. These forward-looking statements do not do not constitute guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other significant factors, many of which are beyond the control of the Company, which could cause actual results or results to differ materially from those referred to in forward-looking statements. Important factors, among others, which may ent affect actual results include the failure to recognize the anticipated benefits of the business combination; costs related to business combinations; the inability to obtain or maintain the listing of the Company’s shares on the Nasdaq; the Company’s ability to manage growth; the Company’s ability to execute its business plan and achieve its projections; potential disputes 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 potential negative effects of the current global coronavirus pandemic (COVID-19) on capital markets, general economic conditions, unemployment and liquidity, operations and personnel of the Company, as well as the discussed risks and uncertainties of from time to time in our reports and other public filings with the SEC. The Company assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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