WASHINGTON (dpa-AFX) - RCI Hospitality Holdings, Inc. (RICK) a Texas-based media and convention company Wednesday announced the acquisition of Flight Club, a leading gentlemen's club near Detroit Metro Airport and 20 miles from downtown Detroit.
The $11.0 million purchase included $3.0 million in cash, $5.0 million in seller financing at 8.0% for the club, and $3.0 million in cash for the real estate. The acquisition is expected to add approximately $2.0 million in annualized adjusted EBITDA.
Located at 29709 Michigan Avenue in Inkster, MI, the two-story, 10,000-square-foot venue was established in 1997 and recently updated. Flight Club features premium entertainment, a distinctive Corvette sports car that lowers from the ceiling, valet parking, convenient access to major freeways, and a top-tier kitchen.
Tuesday RICK traded at $54.11 or 0.56% higher on the Nasdaq Global Market.
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