Manhattanization.com
$4.5 Million Penthouse Purchased at Allure
Allure Growing Up
Allure Condo Towers
Vertical construction is well underway on Tower I at Allure Las Vegas and the luxury high rise continues to enjoy strong sales. The recent purchase of a $4.5 million unit on the top floor of Allure reaffirms that there is an ongoing and robust appetite for sophisticated urban high rise living in Las Vegas.
Located on Sahara just west of The Strip, Allure Las Vegas is an architecturally stunning pair of condominium towers each forty one stories high. Tower I of Allure has already grown more than 16 stories and is estimated to be complete in November 2007. Additionally, groundbreaking on Tower II is planned for the fall. In total, the dual towers of Allure will offer 900 luxurious residential high rise units.
According to Alan Schachtman, senior vice president for The Fifield Companies, Tower I is nearly 90% sold out and Tower II units have recently been released for purchase.
"Today's Las Vegas high-rise shoppers are increasingly savvy -- they understand that with the city-wide condo supply shrinking, Allure offers quality, value and a strategic location as well as a credible developer with a demonstrated track record. The new owner of this customized penthouse residence was attracted to the exceptional amenities Allure offers as well as the spectacular Las Vegas strip views. Our buyers typically have very discriminating taste and they want their personal space to be a reflection of their personality and style. We were happy to work with this client to create a space that uniquely expresses who they are. The further ability to create your own floor plan on the top floor with incredible panoramic views proved to be very attractive to this purchaser. We are seeing very strong demand for all of the penthouse units."
Construction
When finished, Tower I will have 428 units comprised of studios, one, two and three bedroom residences, as well as tower suites and extraordinary penthouses. Mirroring the success of Tower I, Tower II will have 472 units with 14 distinct open floor plans being offered ranging in size from 669 to 6,235 square feet.
Every carefully planned Allure residence will have exceptional designer ready appointments and finishes. Impressive floor to ceiling windows and spacious balconies will allow for sweeping views of The Strip, the valley's breathtaking mountain ranges and the city lights of Downtown Las Vegas. Hands down, Allure offers the best views in Las Vegas.
Pool Rendering
Each home will provide an atmosphere of personal luxury with exceptional amenities and superbly executed finishes, such as stainless steel GE Profile appliances, granite counters, European style cabinetry, Italian tile floors and lush landscaping with an expansive pool deck with hotel-like amenities, (including wireless high speed internet access) surrounded by private exclusive cabanas. The penthouse units will feature upgraded GE Monogram series appliances with built-in wine coolers and upgraded finishes including marble floors.
Unique to this community, Allure Now is Allure's new and very exciting Five-Star Concierge service. Allure Now will allow Allure purchasers to enjoy the Las Vegas lifestyle while their residence is still being built. This unique, exclusive concierge service is available to buyers at the time of their Allure purchase.
Additional Allure Five-Star services include valet parking, storage spaces, 24 hour doorman, club room with catering kitchen, fitness center with state of the art equipment overlooking a lushly landscaped pool deck, business center with Wi-Fi, media room and conference facilities, a private wine cellar and professional on-site management.
Allure is scheduled for completion November 2007.
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Hard Rock Sold
Hard Rock Sold for $770 Million Cash
Hard Rock Hotel
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Morgans Hotel Group Co. a fully integrated hospitality company that owns and operates boutique hotels in gateway cities under well-known brands such as Delano, Mondrian, and Hudson, today announced the signing of definitive agreements to acquire the 647-room Hard Rock Hotel & Casino, a neighboring 544-unit apartment complex, and other related assets from Peter Morton for an aggregate purchase price of $770 million in cash.
"It was just time to take the chips off the table," Morton told The Associated Press. "I'm looking to do some different things in my life. That was it."
Morton co-founded the Hard Rock brand in 1971, and in 1996 he sold his chain of Hard Rock Cafes to the London-based Rank Group Plc for $410 million.
Rendering of the Hard Rock currently on hold
The Hard Rock Hotel & Casino is an entertainment resort located on 16.7 acres situated strategically on Harmon Avenue, one of Las Vegas' fastest growing entertainment corridors. It was built in 1995 and expanded in 1999. The property offers an energetic entertainment and gaming experience with the services and amenities associated with a boutique luxury resort hotel. The property has also been a popular music scene destination where such acts as the Rolling Stones, Coldplay, Alicia Keys, David Bowie, Snoop Dogg and Nine Inch Nails have all performed.
Features of the property include an 11-story Hard Rock Hotel tower with 647 guest rooms; a 30,000 square foot casino; a beach club with a swimming pool that was selected by the Travel Channel as one of "The Top 10 Pools" in the world; the Body English nightclub; "The Joint" concert hall; five restaurants, including the world famous Nobu; three cocktail lounges; several retail stores; and an 8,000 square foot spa, salon and fitness center.
The adjacent 23-acre land parcel, including a 544-unit apartment complex currently situated on the parcel will be held for further development. The acquisition includes the rights to use the "Hard Rock Hotel" and "Hard Rock Casino" trademarks in connection with casinos and hotel/casinos in specified locations, as well as certain other intellectual property such as merchandising and retail rights.
Purposed Echelon rendering
This transaction represents the third planned offering in the Las Vegas market by Morgans Hotel Group. The Company has already announced a joint-venture partnership with Boyd Gaming for their development project, Echelon Place, that will be anchored by two prominent MHG brands, Delano and Mondrian, which are expected to add a total of 1,600 rooms to the market in 2010.
“The prior owner has in-place plans and entitlements for a $1.2-billion hotel expansion and condominium development and we are acquiring those plans as part of the transaction,” said Scheetz. “There is significant expansion opportunity on the Hard Rock property as well as the neighboring parcel; we plan to maximize any expansion to maximize the amount of land available for sale or JV and extract every drop of value….”
Purposed Hard Rock rendering
“Since Las Vegas is the largest hotel market in the US, it is key for our growth strategy,” says MHG chief executive W. Edward Scheetz. “This transaction provides us with an immediate and highly-visible entry into this market."
MHG says the acquisition will be financed with cash on hand and MHG's corporate line of credit, as well as a $700 million credit facility from an affiliate of Credit Suisse. The transaction is expected to close no later than the first quarter of 2007.
"We believe that having immediate operating capability in Las Vegas will be a help for our overall intended presence in the market,'' Scheetz said.
The company will continue to run the resort under the Hard Rock brand for now, he said. Morgans did not have immediate plans for a more than $1 billion condominium project that had been planned for a 24-acre site next to the casino.
Hard Rock Hotel Inc. stopped sales and offered refunds on deposits for some of the 1,350 units at the condo project in February.
"We're going to take a look at the whole package with a fresh set of eyes,'' Scheetz said. "We may sell off some or all of the land, yes.''
Analyst David Katz of CIBC World Markets Corp., said of the deal, "I think the price they're paying is fair.''
Las Ramblas Rendering
But he noted that many questions remained, such as whether the proposed $3 billion (euro2.36 billion) George Clooney-backed Las Ramblas complex beside the Hard Rock on Harmon Avenue would still be built.
"It really depends on how much capital of Morgans this will consume,'' Katz said.
"I founded the Hard Rock brand. It's been great to me. I sold two companies with that brand totalling $1.2 billion. And it's just time to move on,'' he said.
About Morgans Hotel Group
Morgans Hotel Group Co. (Nasdaq: MHGC), which is widely credited with establishing and developing the rapidly expanding boutique hotel sector, owns and operates Morgans, Royalton and Hudson in New York, Delano and The Shore Club in Miami, Mondrian in Los Angeles and Scottsdale, Clift in San Francisco, and Sanderson and St Martins Lane in London. MHG has other property transactions in various stages of completion, including projects in Miami Beach, Florida, and Las Vegas, Nevada, and continues to vigorously pursue its strategy of developing unique properties at various price points in international gateway cities in the United States, Europe, South America, Asia and around the world.
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from vegasTAT
News 5/16/06 Edge Resorts and Starwood Hotels (owners of the W Hotel) have acquired some more land from D. R. Horton increasing the size of the W Hotel property (see map image below).
http://www.vegastodayandtomorrow.com/whotel.htm