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Viva Vegas Hotel Construction Update: The Downturn Edition

August 15, 2008 at 12:59 PM | by | Comments (2)

In our latest edition of Viva Vegas Hotel Construction Updates we have two pretty big developments, both which - not surprisingly - are caused by the credit slowdown that's affecting everyone nowadays.

First, Elad Properties has announced that they are delaying the construction start of The Plaza until "sometime in 2009" (we won't hold our breath) but are still fully committed to finishing the project.

Add that to the on-hold Echelon which is directly across the street from The Plaza, and you have one flat, barren area on the north end of the Vegas Strip. Good thing Wynn's Encore is still scheduled to open! Or else this part of the Strip would start looking like no-mans land.

Second, Deutsche Bank has finally foreclosed on the Cosmopolitan. Cosmo Condo Deposit Holders do not fear! They are actively continuing construction, while looking for another partner - supposedly on the short list are:

· MGM Mirage whose CityCenter is right next door.

· Hyatt who was supposed to operate the hotel portion of the Cosmo.

· Starwood Hotels who was rumored to convert the project into a W and St. Regis.

· Marriott who apparently just decided to join in on the whole Las Vegas development explosion, er, we mean implosion.

Comments (2)

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Re: Viva Vegas Hotel Construction Update: The Down

But Eloise wants to be a showgirl, now Nanny!

Re: Viva Vegas Hotel Construction

Oh how fast the young grow up!

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