Cosmopolitan Las Vegas condo hotel is looking for cash from Investors. The resort and luxury condominium project on the Strip, adjacent to Project CityCenter and Planet Hollywood NV hotel, is looking for $400 million.
Cost overruns are a result of rising construction fees and increased architectural plans. Most under construction resorts have been plagued with this scenario.
Merrill Lynch investments and top level executives from Cosmopolitan is seeking additional financing for the luxury Las Vegas high rise $3 billion under construction resort next to the Bellagio.
Ian Bruce Eichner owns The Cosmopolitan completely. He is from a real estate development background in Florida and New York.
Last week there was an upset in the corporate office. Audrey Oswell, chief operating officer, left for Fontainbleau Las Vegas Resorts.
The resort made a choice of solidifying construction costs before requesting an investment into the Las Vegas Strip hotel.
The project is said to be on or ahead of their construction schedule. With the prime location of the luxury condo hotel, this might be an investment choice for a private equity fund.
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