Cosmopolitan Resort about to become the W Hotel?! Exciting Las Vegas Strip takeover possible?
Posted by Luxury Realty Group - March 24th, 2008
Categories: High Rise Condos
According to the Wall Street Journal, Related Cos. has partnered with Starwood Hotels & Resorts Worldwide’s W Hotel group to bid on the Cosmopolitan Resort Casino on the Las Vegas Strip. This could become the ultimate achievement.
Due to several reasons including rising construction costs, a run up of building materials, and a shortage of construction companies able to build high-rises on the Strip, the construction cost of Cosmo has soared to approx. $3.9 billion. In addition to that, Perini Building Company had to dig down and build a slurry wall before the Cosmo went vertical. This expensive undertaking could be a significant reason why the Cosmo ends up changing hands.
According to the Wall Street Journal, Deutsche Bank has filed foreclosure on developer Bruce Eichner and now Starwood Hotels and Related Cos. want part of the action.
The Cosmo features a prime location on the Las Vegas Strip directly next door to the MGM MIRAGE CityCenter development.
The prime location of Cosmo within the Resort Corridor is considered second to none by many. Its north facing one-bedroom units feature wrap-around balconies with direct views towards the Las Vegas Strip and Bellagio fountains.
If this development becomes a W Hotel, it could go down as one of the most exciting Strip takeovers in the history of the Las Vegas Strip.
Did you know that the cost “per acre” to develop the Cosmopolitan Resort and Beach Club Tower is approx. four times greater than that of MGM MIRAGE CityCenter? See link to learn more.
Are you looking to make an investment into condotel or residential condo properties in Las Vegas?
Aaron Auxier has earned the nickname “Hollywood’s Connection to Vegas” for his Los Angeles entertainment background and Las Vegas connections. He is responsible for selling some of the most glamorous penthouse and luxury high-rise condominium properties in the history of Las Vegas.
Aaron Auxier, REALTOR®, ABR can be reached at 702-205-1818.
Luxury Realty Group is recognized by the press as a leading brokerage on the Strip. They can be seen on networks and in publications such as CNBC, Forbes Magazine, Details, Wall Street Journal, The Review Journal, Los Angeles Times and USA Today.
Copyright © 2008 Aaron Auxier. All Rights Reserved.
Disclaimer: All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive.
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All information in this blog is subject to change without notice. Subject matter is not guaranteed and is often considered time-sensitive. See DISCLAIMER.
Copyright © 2008 Luxury Realty Group LLC. All rights reserved.