Property Types Hospitality
City Officials Green Light 2,500-Room Las Vegas Hotel
April 25, 2008
By: Barbra Murray, Contributing Editor

The Las Vegas Planning Commission has just given its approval--with conditions--for a development group to move forward with a hotel project that would bring an additional 2,500 guestrooms to the downtown area.

According to papers filed with the commission, Grand Central L.L.C. is the team behind the proposed project, which would occupy 12.5-acres at Grand Central Parkway and Charleston Blvd. In addition to requesting a site development plan review, the partnership submitted requests for special use permits for constructing the 700-foot tower in a district with a 200-foot height limitation, and for including a lounge and bar in the hotel.

Grand Central also filed a petition to vacate a 60-foot wide section of public right-of-way and access easement near the site. Plans for the 61-story skyscraper also include a 260,000 square-foot convention center facility and 11,000 square feet of commercial space.

While the credit crunch has caused hiccups or slowdowns for a few Las Vegas projects, developers remain keen on constructing mixed-use destinations all over the city and in neighboring submarkets. Earlier this month, Boyd Gaming Corp. and Olympia Gaming submitted an application for a 1,200-room hotel with casino and entertainment facilities on 66 acres within the 2,700-acre Park Highlands development in North Las Vegas.

And in March the Las Vegas County Commission signed off on the site development plan for The Plaza Las Vegas, ELAD IDB Las Vegas L.L.C.'s planned 15 million square-foot project featuring 3,500-guestrooms, as well as residential offerings, a casino, retail space and a convention complex.

 
Recent Hospitality Headlines
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
June 10, 2009
Plagued by the global recession that has slashed both business and pleasure travel, the hotel market is suffering on an international level and investors have backed away from buying or building in most locations, with a few exceptions--like Brazil. According to a new report by real estate services firm Jones Lang LaSalle Hotels, the positive long-term growth forecast for Brazil is popping up on the radar of those who are in the position to invest.
While Hotel Investment Activity Languishes in the U.S., Market Remains Viable in Brazil
June 09, 2009
Plagued by the global recession that has slashed both business and pleasure travel, the hotel market is suffering on an international level and investors have backed away from buying or building in most locations, with a few exceptions--like Brazil. According to a new report by real estate services firm Jones Lang LaSalle Hotels, the positive long-term growth forecast for Brazil is popping up on the radar of those who are in the position to invest.
Hotel Construction Pipeline Sluggish Throughout EMEA Region
June 05, 2009
Not surprisingly, the global recession is negatively impacting hotel development throughout Europe, Middle East and Africa regions, according to Lodging Econometrics' Q1 2009 construction pipeline report for the region.
Amid Troubled Hotel Sector, Companies Look to Boost Management Portfolios
June 05, 2009
Many hotel owners are looking at a troubling two years or so, as a large portion of their loans are coming due for refinancing in an environment of declining RevPar. In other words, many owners will be asked by lenders to contribute more equity into their loans, just when that money may be very hard to come by.
 
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