Nightfood Signs $41M LOI for Victorville Hotel Acquisition
Deal News | Apr 08, 2025 | Globenewswire
Nightfood Holdings has signed a Letter of Intent to acquire Victorville Treasure Holdings' Holiday Inn for $41 million. The hotel, undergoing renovations for a Courtyard by Marriott rebranding, will serve as a model property for Nightfood's automation strategies. The deal, paid in Series C Preferred Stock, includes a performance-based earnout and demonstrates Nightfood's commitment to combining hospitality with AI and robotics technology. Nightfood believes its experienced team and strategic acquisitions, including Skytech and CarryoutSupplies.com, are critical to scaling its portfolio. Revenue growth and operational synergies are central to the company's long-term strategy.
Sectors
- Hospitality
- Artificial Intelligence (AI) & Automation
- Real Estate
Geography
- United States – The acquisition of the Victorville hotel in California positions the activity within the U.S., where Nightfood is expanding its hospitality and real estate operations.
Industry
- Hospitality – The acquisition of the Victorville hotel signifies a strategic expansion in the hospitality industry for Nightfood Holdings, highlighting the integration of technology in traditional hotel operations.
- Artificial Intelligence (AI) & Automation – Nightfood's focus on AI-powered automation and robotics integration in its hospitality ventures underscores its commitment to advancing service in the tech-driven environment.
- Real Estate – The transaction revolves around acquiring and upgrading real estate assets, specifically hotels, to enhance value through modernization and automation.
Financials
- $41 million – Total value of the transaction for acquiring Victorville Treasure Holdings' hotel.
- $31 million – Net purchase price after accounting for an outstanding $10 million mortgage.
- $5 million – Performance-based earnout in Series C Preferred Shares, contingent on achieving specific milestones.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Nightfood Holdings, Inc. | Acquiring Company | Company | An emerging leader focused on AI-powered automation and next-generation hospitality solutions. |
| Victorville Treasure Holdings, LLC | Target Company | Company | Owner and operator of the 155-room Holiday Inn in Victorville, California. |
| Skytech | Technology Provider | Company | Provider of robotic technologies used to enhance automation in hospitality. |
| Jamie Steigerwald | Chairman | Person | Chairman of Nightfood Holdings, emphasizing the strategic importance of the team in executing the company’s vision. |