Quote:
Originally Posted by laguna
After Duetsche Bank's announcement in a week, the die will be cast for the near term regarding strip properties and condo-hotels. If they sell the project or keep it in house and hire-out the management or possibly entirely undo the condo sales, it will give a clue as to what other projects might do. I dont know what the decision will be, but I know that all options have been on the table. It will be interesting and soon we will know. Right around labor day, give or take a day.
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I've heard a rumor that the Cosmo has been sold to a major Hotel chain. It will become a Casino Hotel with no condo components. All the people who have reserved a unit at the Cosmo will have their deposits returned. Again, this is only a rumor but from a reliable source.
I think this makes sense to any potential buyer of the Cosmo. All anyone has to do is look at what's happening at the Trump. Only 200 or so units have closed out of 1282. No one is lending and most owners have to walk away. Lawsuits are flying everywhere. Why would any buyer of the Cosmo want to get invoved with that kind of mess? A Casino Hotel would have full control over all units and they would have the best location on the Strip.