Charlie Palmer Las Vegas condo-hotel has been cancelled. The Golden Palm Las Vegas real estate owners have tried for the past seven years to redevelop the corner property at Dean Martin Drive and Tropicana. Golden Palm will close March 12, 2007 and will be sold April 5, 2007.
Golden Palm real estate has been appraised in November 2006 for $46.6 million. Clark County has approved a future Las Vegas hotel for the property which stands 41 floors, 100,000 square feet of restaurants and shops and 560 rooms.
The Las Vegas Land that this aging hotel sits on is on a small 3 acre island that makes redevelopment difficult.
The Golden Palm sale is necessary because of the inability to find a joint venture partner and rising construction costs.
Interest for the purchase of the real estate in Las Vegas, Nevada has been strong. The current tear down hotel will have to be bulldozed and property cleared. The hotel sales company will hold a bid seminar for the real estate on March 16.
There is interest to have a joint venture with the current owner or sold outright. The owner is entertaining creative deals.
There were talks about a Las Vegas hotel-casino named South Beach Las Vegas. Construction and building costs for this 20 story building rose squashing this idea, too.
Stations Casinos were possible joint venture partners but the inability to expand to neighboring real estate stopped talks.
The owner would like to have a four or five story hotel.
Travelodge and Howard Johnson operated the hotel since 1980. The owner bought the franchise for $6.5 million in 1999. Several years later the name was changed to Golden Palm and was purchased for $3.7 million.
In November 2005, the owner was in talks with Charlie Palmer for a boutique hotel. Four months later the deal fell through over financing.
The failed real estate in Las Vegas, Nevada deal forced the closure of the property’s gaming license. Source: LV Review Journal
Star chef Charlie Palmer Las Vegas condos cancelled on Golden Palm real estate.