Congratulations to our client, Hall of Fame Resort & Entertainment Company, on securing financing for Phase II of development at the Hall of Fame Village powered by Johnson Controls, which will include an indoor waterpark, hotel, retail, sports, and amusements. H&LA has completed multiple feasibility studies for the proposed development and we wish our client the best of luck in moving forward with this exciting project!
Published by: StreetInsider.com
Published date: December, 2020
Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”), the only resort, entertainment and media company centered around 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”) arranged by an affiliate of Aquarian Holdings (“Aquarian”).
Under the terms of the Agreement, HOFV secured a $40 million loan (the “Loan”) that it will use to repay the balance of an existing bridge loan. The remaining funds from both this Agreement and the Company’s recent equity raise will provide additional working capital to help advance HOFV’s strategic priorities including the continued construction of Phase II of the Destination. The Loan has a term of 12 months with the potential to extend for an additional 12 months.
In addition to the brand new DoubleTree by Hilton hotel that has been renovated in downtown Canton, upon completion, Phase II will feature: the Center for Performance, a 100,000-square-foot, state-of-the-art indoor field house and training facility; the Constellation Center for Excellence, a 75,000-square-foot, mixed-use facility; an indoor, football-themed waterpark; additional youth fields; a retail promenade; stadium expansions; and a premium, on-campus hotel.
“We are pleased to complete this financing agreement with a great partner in Aquarian, which allows us to address our debt maturity while at the same time provides us with the optionality to move our strategic business plan forward for Phase II. This includes further development of our business verticals and continued build-out of our one-of-a-kind destination,” said Michael Crawford, President and CEO of HOFV. “We are energized by the great progress we’re making and look forward to further advancing both our near- and long-term objectives for our investors.”
Since becoming a publicly traded company in July 2020, HOFV has made considerable progress growing its different business verticals and diversifying its revenue streams. The Company successfully completed a $28 million renovation and opening of the DoubleTree by Hilton Canton Downtown, has broken ground on the Constellation Center for Excellence, and signed partnerships with a number of high-profile companies such as Shula’s Restaurant Group, Sports Illustrated Studios, TopGolf and Republic Services. HOFV has also acquired and rebranded the first community-backed national fantasy football league in The Hall Of Fantasy League, and helped establish the NFL Alumni Academy, which has enjoyed a successful first season.
