Nightfood Holdings Inc. has announced a significant strategic move in the hospitality industry by signing a letter of intent to acquire a 120-room Hilton Garden Inn located in Rancho Mirage, California, for $36.93 million. The property's proximity to Disney's upcoming Cotino residential resort community adds strategic value to the acquisition.
The deal includes plans for a five-room expansion and is structured with a $3 million earn-out and $26.43 million in Series C Preferred Stock. The transaction is contingent upon successful financial audits, mortgage conditions, and the company's uplisting to a national exchange.
Central to the acquisition is Nightfood's AI-powered Robotics-as-a-Service (RaaS) platform, which aims to revolutionize hotel operations by reducing labor costs and enhancing operational efficiency. This strategic investment reflects the company's broader mission to capitalize on emerging market trends in hospitality, consumer goods, and commercial real estate.
The purchase represents a significant milestone for Nightfood, positioning the company to demonstrate the potential of AI-driven robotics in transforming traditional hospitality management. By selecting a property near a high-profile Disney development, the company signals its intent to leverage innovative technology in prime market locations.
