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Las Vegas Real Estate - Plaza Hotel Owner in Las Vegas

By
Real Estate Agent with Coldwell Banker Wardley

Buildings ... buildings ... everywhere!  If you ever have any questions on how "hot" our real estate market still is - just take a look at the value of the land on the Las Vegas Strip.  Elad, the owner of the renowned Plaza Hotel in New York, spent $1.2 billion to acquire a 34.5 acre parcel on the Las Vegas Strip.  Wow! 

The site is directly across from the Wynn Las Vegas.  By the way, if you haven't heard already ... Steve Wynn is building a $2.1 billion new complex called Encore.  Currently on Elad's new site is the New Frontier Hotel & Casino.  The New Frontier will close this summer and be demolished next year.  Elad's Las Vegas Plaza complex will include a casino, hotel (with at least 3,500 rooms), private residences, a convention center and retail space.  Can we say multi-use at it's finest??  The Las Vegas Plaza will be the first of potentially 20 Plaza developments in major global cities.  Oh ... and if you were interested - sorry ... Elad's not taking on partners for this HUGE project.  They'll be going solo!

Elad's Las Vegas Plaza will join the company of some enormous projects already in the works.  CityCenter by MGM Mirage is scheduled for late 2009, Echelon by Boyd Gaming in the 3rd quarter of 2010, The Cosmopolitan by Ian Bruce Elchner in late 2009, Fontainebleau by Fontainebleau Resorts in the 4th quarter of 2009, Wynn Encore by Wynn Resorts in early 2009, The Palazzo by Las Vegas Sands in the 4th quarter of 2007 and last but definitely not least - Las Vegas Plaza is scheduled for 2011.

Las Vegas is already the biggest hotel market in the country - but the additional development is definitely in reaction to the demand.  Las Vegas has the HIGHEST hotel occupancy rate at 93.2% last year.  That's almost 30 points higher than the national average.  We even have some hotels that operate near 100% occupancy.

So - it's obvious Las Vegas is still in demand.  As all of these developments open, I believe we'll see our Real Estate Market grow ... again.

Have more questions - let me know.

Aubrye Harris

(702) 375-7443

http://www.aubryeharris.com/

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