RCI Hospitality acquires Blush Gentlemen's Club & Sports Bar
RCI Hospitality Holdings announced subsidiaries have completed the acquisition of Blush Gentlemen's Club & Sports Bar and related real estate at 135 9th Street and 901-903 Penn Avenue in Pittsburgh on the same terms as previously announced. Consideration for the club was $2.5 million in cash and $7.5 million in seller financing (consisting of a $2.0 million, 7%, two-year balloon note and a $5.5 million, 8%, fully amortizing, 10-year note). Consideration for the real estate was $5.0 million in cash for the two connected buildings. One includes the club while the other benefits from long-term, income producing, retail tenants. The cash portion of the transactions was funded through available cash, which includes cash from operations, proceeds from a $5.0 million unsecured bank term loan, and third-party debt financing, as previously announced.