The Platinum Las Vegas Hotel and Spa resorts division announced Friday that Marcus Corp. had bought out one of its Las Vegas real estate joint venture partners in Platinum Hotel in Las Vegas.
Marcus’ ownership interest in the public, non gaming Las Vegas condo space in the Platinum Las Vegas hotel from 50 percent to 90 percent. The remaining 10 percent of Platinum hotel public space is owned by another real estate joint venture partner.
Marcus Hotels and Resorts, which manages Platinum real estate in Las Vegas, acquired the additional ownership from entities affiliated with developer Michael Peterson. Peterson developed the Timber Ridge Lodge and Waterpark, a Lake Geneva condominium hotel and resort that’s managed by Marcus Hotels and Resorts. Terms of the real estate transaction were not disclosed.
Platinum Las Vegas condos is a four-star, 255 one- and two-bedroom suite Las Vegas condo hotel opened Oct. 25. The location of the non-gaming property on Flamingo Road is just off the Las Vegas Strip.
Marcus Hotels and Resorts, a unit of Milwaukee-based Marcus Corp., owns or manages a portfolio of 17 hotels, resorts and other hospitality properties across the country, with one additional hotel under development. Its properties include Hilton Milwaukee City Center, The Pfister and Wyndham Milwaukee Center hotels in downtown Milwaukee. Source: The Business Journal
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Platinum Las Vegas hotel owner Marcus Corp. buys out Las Vegas real estate partner.