Nightfood Holdings Inc. (OTCQB: NGTF) has made a strategic move by signing a Letter of Intent to acquire a 120-room Hilton Garden Inn in Rancho Mirage, California, for $36.93 million. This acquisition is notable not only for its size but also for its strategic location adjacent to Disney's Cotino residential resort community, positioning it as a key asset in Nightfood's portfolio. The company plans to utilize this property as a flagship location for its AI-powered Robotics-as-a-Service (RaaS) platform, aiming to revolutionize operational efficiency and reduce labor costs in the hospitality industry.
The financial arrangement for this deal includes $26.43 million in Series C Preferred Stock and a potential $3 million earn-out, dependent on the fulfillment of certain financial audits and mortgage conditions. This acquisition is part of Nightfood's broader strategy to uplist to a national exchange, a move that could significantly enhance the company's visibility and attract further investment opportunities.
Nightfood Holdings has established itself as a forward-looking holding company, with a keen focus on leveraging emerging trends in hospitality, food services, consumer packaged goods, and commercial real estate. By incorporating artificial intelligence-enabled robotics and developing wellness-oriented consumer products, Nightfood is at the forefront of operational innovation, aiming to deliver substantial value to its stakeholders.
The purchase of the Hilton Garden Inn underscores Nightfood's dedication to broadening its asset base and seizing transformative opportunities in sectors experiencing rapid technological and operational evolution. The choice of a property near a major Disney development highlights the company's strategic approach to selecting investments with high growth potential. For more information on Nightfood Holdings Inc., visit https://www.nightfood.com.
