Las Vegas Real Estate Investment - World's Largest Hotel Coming to Las Vegas?

By
Real Estate Agent with Simply Vegas Real Estate NV. License BS.507

On the Clark County agenda for a use permit approval on January 7, 2009, is what could become the world's largest hotel if built according to the current plans. It would be larger than the 6118 room First World Hotel in Malaysia, and the proposed 6500 room Asia Asia Hotel in Dubai. The permits sought for this U-shaped Las Vegas hotel and it's 3 adjoining high-rise towers would total 6,745 rooms.

The AIG Group, formerly known as Africa Israel, is looking to build it on approximately 60 acres on Harmon Ave. It's next door to the Hard Rock Hotel and it's current expansion, and just off the Strip to the east of Planet Hollywood.

Proposed World's Largest Hotel Site - Las Vegas, NV

The tallest tower would top out at 520'. According to what has been presented to the county, AIG Group has already received an FAA determination of no hazard for the site. The plans submitted include 2 podium levels that would vary in height, and the buildings combined with the parking garage space would be in excess of 8.15 million square feet.

This land was the proposed site of the W Hotel that had George Clooney on board with Edge Resorts. Then a new group led by AI purchased the property in 2007 at a reported $12.5 million an acre. It has also been transferred to a new LLC ownership this past year. Since the time of purchase, they have worked on the design, as well as mapping to combine the separate parcels on the site.

Part of this submission also includes a road alignment to Howard Hughes to the north on Flamingo, and a private road that would border the neighboring Hard Rock. These would tie into the project's 6 proposed Porte Cocheres slated for the entire development.

According to a quote from an article in the Las Vegas Review Journal, this project would be built in phases and probably wouldn't break ground until at least 2013. Just as with any project, good times or bad, there are no guarantees that it will be completed or as currently planned. Still, I find it interesting that they are continuing to invest in these development costs during these difficult economic times. As reported in the RJ, this is occurring even as AIG Group is selling off other real estate interests to help their balance sheets.

These approvals also come just as MGM City Center began it's hiring of 12,000, and a new $618 million purchase option agreement was inked for the former Wet n' Wild property on the Strip, up from the previous price of $475 million. It would appear there is some continued strong interest, and investment, in the future of Las Vegas.

 

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me, Roberta LaRocca, at roberta@search4lasvegashomes.com, or call 702-354-8988. I look forward to hearing from you!
 

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Anonymous
Bob:

WOW! That is interesting. More big money looking ahead to when the economy recovers. Another good catch Roberta!

Jan 08, 2009 11:21 AM #1
Rainmaker
521,100
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, NV. Lic BS.507

Bob: Yes, I thought so as well. They've been quietly plugging away at this for some time even with today's economy.

Jan 09, 2009 08:32 AM #2
Rainmaker
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JC Melvin - Commercial & Business Broker
JC Melvin - KW Southwest - Las Vegas, NV
The ONE Thing Workshop Trainer

Roberta, where is this project at - at this time.... will this come together or is the whole deal history and gone?

JC in Vegas

Apr 09, 2014 01:38 AM #3
Rainmaker
521,100
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, NV. Lic BS.507

JC apparently this is dead. There was a first and then second extension of time filed and approved, only the second as a greatly scaled back project on just the 10.5 acres on Koval. My understanding is that extension was allowed to expire, I believe sometime in 2012. The investment group still owns the land, but a Breach & Election filed around 6/2013 on the 21 acre Harbor Island parcel, although no Trustee Sale as of yet. But just like the long shuttered Lady Luck recently coming back as Downtown Grand, the shuttered Sahara almost surprisingly bouncing back quickly as SLS later this year, and Genting appearing to soon be clearing their last hurdle with license approval to build Resorts World where Echelon was abandoned, would be interesting to see what could potentially shake out of this large parcel.

Apr 09, 2014 07:27 PM #4
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Roberta LaRocca

REALTOR®, Broker, Salesperson, NV. Lic BS.507
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