Las Vegas December 23, 2021– (BUSINESS WIRE) – BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“Nile House“or the”company‘), today that its subsidiary, Ault Alliance, Inc. (“Alliance Olt“), through its subsidiary Ault Global Real Estate Equities, Inc. (“agree‘), acquired three hotels located in Middleton, Wisconsin, a suburb of Madison, and one hotel in Rockford, Illinois. Consisting of 526 rooms, the acquisition includes two Marriott hotels (a Courtyard by Marriott and Residence Inn by Marriott) and two Marriott hotels Hilton Garden Inn (together referred to as “Hotels“).
The Ault Alliance established AGREE earlier in 2021 to invest in commercial real estate, including hospitality and multifamily residential properties, with a focus on the mid-market segment. Christopher Wu is the president of the Olt Alliance and CEO of AGREE.
This acquisition constitutes AGREE’s first commercial real estate investment, consisting of the 136-room Courtyard by Marriott, the 133-room Hilton Garden Inn, the 122-room Residence Inn by Marriott in Middleton, WI, as well as the 135-room Hilton Garden Inn. room. Inn in Rockford, Illinois. The company paid $69 million for hotels, with $23.9 million paid by the company at closing in cash; The purchase price balance was financed through construction loan agreements. Over the next 18 months, AGREE plans to renovate the hotels with a $13.7 million property improvement plan. The hotels will be managed by GF Hotels & Resorts, a leading hotel management company with a national footprint.
AGREE has partnered with Joshua Caspi of Caspi Development, a New York-based real estate developer with expertise in investing in hospitality, office, and multi-family developments. The company previously co-invested with Caspi Development in Barrière Le Fouquet’s New York Hotel at 456 Greenwich Street, New York, NY.
Mr. Wu stated, “We are very pleased to acquire this well-branded and stable portfolio of assets in an attractive and growing region of the country, located in the state capital and anchored by a major public university, as our first acquisition through AGREE. We believe that these assets are AGREE will therefore provide the company with attractive returns and possibly serve as a model for other commercial real estate transactions. We are also excited to partner with Joshua Caspi, a real estate developer and investor with great experience, who has helped us manage and grow our real estate portfolio.”
Company founder and CEO, Milton “Todd” Ault added, “Assembling a team like this has been my vision for 20 years, and I am excited and proud to say that we have made this a reality today. We have a team of professionals to implement and bring these four hotels to their peak performance. We look forward to development of our hotel group.
The company previously announced a plan to split into two public companies by distributing Ault Alliance’s equity to its shareholders. After the split from the Ault Alliance, the company, through BitNile, Inc. subsidiary, a pure Bitcoin mining and data center provider, to pursue initiatives related to DeFi. Ault Alliance will maintain its focus on the company’s legacy businesses and recently started operations, including lending, investing in real estate and distressed asset spaces as well as defense and energy solutions, among others, including electric vehicle charging products.
For more information about BitNile Holdings and its subsidiaries, the Company recommends that shareholders, investors, and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec. Government.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company that seeks growth through undervalued business acquisitions and disruptive technologies with global impact. Through its wholly and majority owned subsidiaries and strategic investments, the company owns and operates a Bitcoin mining data center and provides critically important products supporting a variety of industries, including defense/aerospace, industrial, automotive, communications, medical/biopharma, and textiles. In addition, the company provides credit for select entrepreneurial businesses through a licensed affiliate lending company. BitNile Holdings is headquartered at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements generally include statements of a predictive nature that depend on or refer to future events or conditions, and include words such as “believe,” “plan,” “expect,” “project,” “estimate,” anticipate,” “intend,” “strategy.” ,” “future,” “chance,” “might,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to publicly update any of them in light of new information or future events. Actual results may differ materially from those contained in any forward-looking statement due to various factors. More information, including potential risk factors, that could affect the Company’s business and financial results is included in the Company’s filings with the US Securities and Exchange Commission, including, but not limited to, Company Forms 10-K and 10- Q and 8 -k. All filings are available at www.sec.gov and on the company’s website at www.BitNile.com.
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