Consolidated "Cosmopolitan Resort" Thread
 

No one is certain how this will affect the project, but if he can't secure some more financing soon it could put a halt on construction. The article also mentions that condo owners at the Signiture are suing MGM/Mirage over lower than promised rental rates they are receiving on their condos.

http://online.wsj.com/article/SB1200...googlenews_wsj


I wonder how this will affect other condo/hotel projects in Vegas?

Do you know the term "cross collateralized"?

yes...are you asking for a definition or saying that's what happened here?

Hopefully it doesn't impact the project; we need more competition on the Strip.

Not necessarily. If OP does not know this term, I won't have to speculate on an answer to his question.

Wikipedia is your friend:

http://en.wikipedia.org/wiki/Cross-collateralization

Word is that a deal has been struck to allow construction to continue while the search for new investors takes place.

What is the deal with the Cosmopolitan? Wedged in there between City Center, Bellagio, and the Jockey Club it just seems out of place. Why didn't MGM buy up that piece of property for City Center? Or, for that matter, how does the Jockey Club continue to exist?

Jockey Club is a time-share and has literally thousands of owners. Attempting to buy it out would be challenging, to say the least.

if it will be possible to rent the penthouses short term, i hope the cosmopolitan does get finished :D

the 2 north tower penthouses will have large terraces and pools.

"Honey, I'm going downstairs with the rest of the $760M. I'll be right back."

cosmopolitan update
 

http://www.lvbusinesspress.com/artic...q_34620988.txt

both towers have now refunded condo deposits. (not sure how many are left...)

no condos + related = chance for W hotel ?

theyve changed the website too >
http://www.cosmopolitanlasvegas.com/

Wasn't there some talk (I'm sure quite outdated) of Hyatt possibly getting involved?

was originally grand hyatt.

i assumed it had gone back to grand hyatt after others fell through.

but there seem to be mixed impressions on that.

my point was simply that starwood would accept it now that it doesnt have condo/condohotel. and related was part of original w plans.

Glad to hear that they are removing the condos. Assuming they keep the room layouts all the same, this could add A LOT of multi-bedroom suites to the market and also help to drive down rates at City Center even further. I wonder what gaming company will look to dabble in the property. I sure hope it's not MGM but they might want to own the west side of the strip similar to Harrah's cannibalizing much of the east side.