The New Frontier Las Vegas hotel has been sold for more than $1.2 billion. A $100 million deposit on the real estate deal was received earlier this week.
Update: New Frontier Las Vegas implosion exclusive video on November 13, 2007 at 2:30 a.m.
El Ad is the buyer of the 984 room New Frontier. It is expected to be demolished and in place a replica of the Plaza Hotel from New York on the Las Vegas Strip.
El Ad is an Israeli owned real estate group. This 36 acres of land transaction is the most expensive large site transaction on the Strip.
The purchase agreement for the New Frontier hotel had been signed last week.
Ruffin paid $167 million for the New Frontier in 1998. There had been talks for a 2,750 room themed resort onsite.
There had been previous reports of El Ad inking a deal in March 19 for $1.5 billion.
The close of the transaction is expected in 90 days. The fate of the Las Vegas casino will be demolition.
The Plaza hotel in New York has been closed since 2005 for remodeling of the conversion of some rooms into the most expensive Manhattan condominiums. El Ad purchased the hotel for $675 million.
Trump Towers International Hotel and Tower Las Vegas is located on the back seven acres of land of the New Frontier acreage. This seven acres isn’t included in the $1.2 billion dollar sale.
The Trump Towers Las Vegas will continue to be owned in partnership with New York billionaire Donald Trump.
The value of the New Frontiers’ land has increased in value by its high priced neighbors including Wynn. The $2.7 billion Wynn Las Vegas is across the street and the Encore Las Vegas resort by Wynn Resorts is a $2.1 billion mega resort is expected to open in 2009. Source: LV Review
The New Frontier Las Vegas casino and hotel set record sale for more than $1.2 billion.
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