A few weeks ago Cosmopolitan was walking on thin ice after the development's lender Deutsche Bank served it a notice of default. Despite the currently low mortgage rates the condominium segment in Las Vegas is slogging through an over-built and soft market. Cosmopolitan fell victim to these trying circumstances, as have so many other similar projects.

Since receiving the dreaded default notice the developer went to work in a bid to save the $3 billion undertaking on the Strip. And apparently his efforts paid off. Global Hyatt Corp., already a small stakeholder, and Marathon Asset Management have decided to join the project and provide the needed capital to finish it.

They obviously see a viable opportunity there. The development, after all, sits on one of the most sought-after locations on the Strip;it has Bellagio on one side and the under-construction mega resort CityCenter by MGM Mirage on the other. It's hard to go wrong with these kinds of neighbors. Secondly, they must be taking the long view that foresees a healthy market recovery in the years ahead. Las Vegas remains a highly popular entertainment destination for visitors and second-home seekers world over.

Another good thing going for Cosmopolitan is that Deutsche Bank and Perini Building Corp. had reached in January an agreement where the builder is being paid without any interruption and it would continue construction as scheduled. Because of that there has been no delay at all while the finances were restructured and now the entire project is still expected to complete by the end of 2009.