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Grand Hyatt Las Vegas Will Operate Cosmopolitan Condos

At a ceremony held before a gathering of Las Vegas local officials, dignitaries, business leaders, and members of the media, Hyatt and The Cosmopolitan Las Vegas condos executives, using a large backhoe, cracked through the asphalt to mark the beginning of an approximately three year Las Vegas real estate construction process. The Grand Hyatt Las Vegas at The Cosmopolitan Resort & Casino condos is projected to open in mid-2008. Hyatt will operate the property’s 3,000 hotel rooms, suites and condo-hotel units.

“Few addresses on the Strip have a better location,” said Thomas Pritzker, chairman and CEO, Global Hyatt Corporation. “Hyatt is thrilled that it will be offering customers a unique ‘Vegas’ experience in Grand Hyatt style that includes impeccable service, and exceptional facilities for leisure and business travelers.”

“The Cosmopolitan Las Vegas homes represents a new era in Las Vegas commercial development,” said Ian Bruce Eichner, CEO of 3700 Associates, LLC, the developer of The Cosmopolitan condos. “We’re building something different on The Strip, the likes of which Las Vegas has never seen before and may never see again. The sheer ‘verticality’ of this development as it towers 600 feet above The Strip is more akin to the urbanization of Manhattan, or other cosmopolitan cities around the world,” said Eichner, who spent the past 30 years developing more than six million square feet of luxury high-rise residential, office, hospitality, and retail space in such prominent locations as New York City and Miami Beach.

At the height of construction, the Las Vegas Cosmopolitan project will generate approximately 3,000 construction jobs and stimulate millions in tax revenues. Upon opening in mid-2008, Grand Hyatt Las Vegas and The Cosmopolitan Las Vegas condos will create approximately 2,400 jobs at its center Strip location.

Vertically Integrated

Grand Hyatt Las Vegas at The Cosmopolitan Resort & Casino condos, one of the many announced hotel projects along the emerging Harmon Avenue corridor, will be the first to open in mid-2008. The property will redefine Vegas’ skyline with a vertical design that contrasts sharply with the horizontally developed, replicated cities and themed hotels that bracket Las Vegas Boulevard. Located down the strip from Hilton Grand Vacation Club Las Vegas.

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Pinnacle Las Vegas condo-hotel at Tropicana and Cameron avenues, a $850 million Las Vegas real estate project, across from The Orleans hotel-casino, are moving forward. The Falcon Group, project developer, recently secured $40 million in interim project financing from Berkshire Capital Financial of New York City.

The two also are negotiating a $550 million Las Vegas real estate construction loan.

The 12-acre Pinnacle condo complex will consist of two 36-story bronze glass towers connected by three sky-bridges. Designed by YWS Architects, the twin 410-foot-tall buildings will combine for 1,100 units and include a jogging track, pools, a fitness center and gardens, among other amenities.

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Once again the latest numbers from the Las Vegas Convention and Visitors’ Authority paint a happy picture of the tourist economy. Las Vegas counted 3.3 million visitors in April, a 0.3 percent jump from April, 2005.

The Las Vegas hotel room inventory fell slightly between this year and last but room rates averaged $123.48 a night, a hefty 15.1 percent increase from the previous year.

Las Vegas convention attendance was the main boost for April with nearly 30,000 additional visitors making their way to Las Vegas despite a slight fall in the number of conventions that were held in the city.

The most impressive number is the 9.1 percent jump in economic impact. Las Vegas visitors created an additional $60 million in economic activity over April 2005. The year to date figure for economic impact is $3.6 billion, a healthy 7.9 percent jump from this time last year.

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Spa Lofts Las Vegas Condos unveiled by Las Vegas night club owner.

Andrew Sasson, the thirty-something nightclub entrepreneur of the Light Group Las Vegas, recently unveiled a new mid-rise Las Vegas condominium project called Spa Lofts Las Vegas in the southwest valley. The three-building, 142-unit complex is located at Badura Avenue and Rainbow Boulevard, just south of the Beltway.

While the transition from Las Vegas night club king to high-rise Spa Lofts developer seems unlikely, Sasson is an unlikely success story. The high school drop out from London has a knack for defying the odds. He came to Miami Beach at age 17 on a student visa and he never went back. Starting as a doorman, the brassy Brit worked his way through the ranks to develop a nightclub empire before heading to the Las Vegas nightclub scene.

After cold-calling Bobby Baldwin, the president and CEO of Mirage Resorts Las Vegas, for five years to set up a meeting, the two eventually launched Light Las Vegas Night Club at the Bellagio Las Vegas in 2001. Sasson and partners, Andy Masi and Sean Christie, subsequently formed The Light Group, the firm responsible for FIX, Light Las Vegas Night club and Caramel at Bellagio, JET and STACK at The Mirage and Mist at TI Treasure Island Las Vegas.

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