RCI Hospitality to acquire Blush Gentlemen's Club & Sports Bar for $15M
RCI Hospitality announced a subsidiary has signed a definitive agreement to acquire the assets of Blush Gentlemen's Club & Sports Bar, a top club located in Pittsburgh, and related real estate for total consideration of $15M. Under terms of the agreement, the RCI subsidiary will pay $10M for the club, consisting of a $2.5M cash payment and $7.5M in seller-financing, and $5M in cash for the real estate. The real estate consists of two connected buildings - a five-story building at 135 9th Street and a two-story building at 901-903 Penn Avenue. Blush occupies three floors primarily in 135 9th Street. Assuming transfer of all necessary permits, licenses and other authorizations, and subject to usual closing conditions for transactions of this kind, including due diligence, closing is expected on or before October 31, 2018.