Marcus joins developer to build Vegas condo hotel
By DORIS HAJEWSKI dhajewski@journalsentinel.com, Journal Sentinel
Wednesday, January 28, 2004
The Marcus Corp. has signed a joint venture agreement with a Chicago developer for a new Las Vegas condominium hotel, just off the Las Vegas Strip.
Diversified Real Estate Concepts is building the 255-unit complex, the Platinum Suite Hotel & Spa, which Marcus will manage.
The new venture, Platinum Condominium Development, is the second joint venture for Marcus and Diversified. The Chicago firm built Timber Ridge Lodge, a condominium water park hotel, at the Grand Geneva in Lake Geneva.
"This project is very much in keeping with our strategy going forward," said Douglas Neis, chief financial officer for Marcus. "We're pursuing management contracts in a lot of different situations."
The new project, at 211 E. Flamingo Road in Las Vegas, is expected to be completed in early 2006. The complex is near the Bellagio, Bally's and Caesar's Palace, and is near the monorail that runs to the Las Vegas Convention Center.
The complex will include 245 one-bedroom units, 10 two-bedroom units, a spa, indoor and outdoor swimming pools, and 8,440 square feet of meeting space.
The luxury condo units will be offered for sale at prices ranging from $300,000 to $1 million. A model unit will open to the public next month.
Owners of individual units will be able to stay in them or rent them to the public, as part of a rental program managed by Marcus.
The Platinum Hotel will be the seventh management contract for Marcus, which now manages five hotels and one vacation club, a time- share at the Grand Geneva.
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