Construction Stops on Dream Las Vegas, Funding Blamed

Must read


Posted on: March 20, 2023, 08:21h. 

Last updated on: March 20, 2023, 08:22h.

Construction on Dream Las Vegas has stalled in tandem with the developers’ financing plans, according to a new report by the Las Vegas Review-Journal. Between $25M and $30M are owed by the developer for the boutique luxury hotel, the newspaper reported.

Construction on Dream Las Vegas, a boutique casino hotel planned for the Strip’s southern end, is shown last year. It has now been halted as its owners seek new funding. (Image: Scott Roeben/Vital Vegas)

In February 2020, the Dream Hotel Group — a New York City-based operator of four Manhattan luxury properties and hotels in Miami Beach, Hollywood, and Nashville — announced that it purchased 5.25 acres of undeveloped Las Vegas Boulevard land next to Harry Reid International Airport. It partnered with Southern California firms Shopoff Realty Investments and Contour, a privately owned commercial real estate development group, to develop the project.

Dream Las Vegas was to be operated by the Dream Hotel Group as a 21-story luxury hotel featuring 531 guestrooms, seven dining and nightlife venues — one being a rooftop pool deck — a 12,000 square-foot convention center, spa, and small casino floor. After being delayed by the pandemic shutdown, the casino hotel broke ground on July 8, 2022.

The Dream Hotel Group released this rendering in 2020. (Image: Dream Hotel Group)

The End of a Dream?

Dream Las Vegas was originally estimated to cost $300M to complete, but that estimate has now nearly doubled to $550M-$575M. Developer Bill Shopoff, president and CEO of Shopoff Realty Investments, told the R-J he blames inflation, combined with the interest hikes on borrowing imposed last year by the Federal Reserve to control it. He said that work would resume once he and his partners strike a new financing deal, which he expects to happen “in the next couple of weeks.”

According to the R-J, the project’s owners have been paying lead contractor McCarthy Building Companies to build the project with cash and are trying to secure $400M more to continue. According to the newspaper, a lien notice filed on March 10 by McCarthy recorded $43.3M in payments received and $40.2M more due for worked already performed.

“They will be paid, and the project will get built,” Shopoff told the R-J.

Dream Hotel Group was acquired by Hyatt Hotels Corp. in February 2023. The corporation reportedly paid a base price of $125M, with an additional $175M due over the next six years “as properties come into the pipeline and open.”


Source link

More articles

- Advertisement -spot_img

Latest article

rahasia sukses bermain pola princestangan dewa stephen chow memecahkan scetter hitamkakek tua yang baik hati pemberi keberuntunganslot jitu pragmatic playtrik scatter buah segar bonanza hokitrik curang main slot mahjong wayslapar scatter hitam di mahjong waysx500 bertubi tubi turun di slot princess dewata88di jamin jackpot pola gacor jeyus pengendali petirpetir halilintar menyambar kakek sampai menurunkan x1000kakek tua yang baik hati pemberi keberuntungangame penuh kemenangan slot lucky neko banjir wild emasledakan maxwin slot sweet bonanza auto pecah perkalian tinggisistem slot online terbukti gacorcara terbaik memanfaatkan rtp slot onlinelive pola slot terbaru gates of olympusrahasia jitu slot gacormenggunakan arwah masa lalu untuk membantu anda maxwin mahjong waysmenang 35juta pada scatter hitam slot mahjong waysputran spin gila slot mahjong ways 2 langsung pecah scatter sensasionalrahasia bigwin slot starlight princess langsung jadi sultan kayasistem kemenangan maxwin dengan slot olympus 1000 jaminan menang 500 jutasitus gama69 situs terbaru anti boncospola gacor baruy slot fortune tiger gampang pecah wild besargame slot gacor terbaik terpercaya lengkap dengan trik maxwin cara memperkaya diri dengan bermain slot starlight princessbocoran admin yami slot terbaru mudah maxwinadmin jarwo slot gacortrik jitu wd cepat kilatslot super mahjong ways dengan depo minimal 20k gampang maxwinrahasia para pemain bisa menang berkali kali pada slot starlight princess x1000slot anti rungkad bocoran terbarucara jitu bermain slot mudah jackpotrahasia pola slot sweet bonanzasensasi link gacor mudah jp mahjong ways2game slot online terbaruPputaran slot mahjong ways turunkan scatter tanpa bataspola garis 3 scatter hitam mahjong waysmitos dan fakta dari scatter hitam slot mahjong waysgame slot gacor terbaik terpercaya lengkap dengan trik maxwin olympus slotputaran slot mahjong ways turunkan scatter tanpa batasmudah banget maxwin main slot online gates of olympusslot gacor mahjong ways 2 kemanangan maksimal 100 jutatips mendapatkan perkalian jitu slot mahjong wayskemenangan terbesar dari slot jitu super mahjong wayssitus slot anti boncos terbaik di indonesiaslot hoki pembawa berkah slot mahjong ways 2 langsung hoki cair 20 jutapola jitu gampang menang emperor caishenpanduan lengkap meraih maxwin di slot gates of olympus x1000prediksi game slot online terbaruslot super mahjong ways gampang sensasional jackpot terbesartips menang besar dengan pola admin pusat slot gacorlangkah langkah mendapatkan kemenangan besar di slot mahjong wayscara mudah main slot online mahjong ways banjir scatter hitampola populer turunkan slot scatter hitam mahjong secara konsistenteknik jitu modal bet receh slot mahjong ways gampang raih slot scatter hitamjam gacor pasti jackpot besar langsung dari admin jarwo jam jatuh slot scatter hitam aslifitur akhir bulan mei dapatkan hadiah langsung jika berhasil dapatkan scatter hitam langka