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Consolidated "Cosmopolitan Resort" Thread

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Old Jan 17, 2008 | 7:28 am
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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?
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Old Jan 17, 2008 | 7:31 am
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Do you know the term "cross collateralized"?
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Old Jan 17, 2008 | 8:04 am
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Originally Posted by sonofzeus
Do you know the term "cross collateralized"?
yes...are you asking for a definition or saying that's what happened here?
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Old Jan 17, 2008 | 8:50 am
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Hopefully it doesn't impact the project; we need more competition on the Strip.
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Old Jan 17, 2008 | 8:54 am
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Originally Posted by mctrees02
yes...are you asking for a definition or saying that's what happened here?
Not necessarily. If OP does not know this term, I won't have to speculate on an answer to his question.
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Old Jan 21, 2008 | 9:19 am
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Originally Posted by sonofzeus
Do you know the term "cross collateralized"?
Wikipedia is your friend:

http://en.wikipedia.org/wiki/Cross-collateralization
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Old Jan 21, 2008 | 9:49 am
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Word is that a deal has been struck to allow construction to continue while the search for new investors takes place.
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Old Jan 26, 2008 | 10:23 am
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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?
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Old Jan 27, 2008 | 8:27 pm
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Jockey Club is a time-share and has literally thousands of owners. Attempting to buy it out would be challenging, to say the least.
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Old Jan 27, 2008 | 9:57 pm
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if it will be possible to rent the penthouses short term, i hope the cosmopolitan does get finished

the 2 north tower penthouses will have large terraces and pools.
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Old Jan 27, 2008 | 11:00 pm
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Old Mar 18, 2010 | 11:29 am
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cosmopolitan update

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

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

The development is tentatively scheduled to finish construction in December. Perini Building Co. is the general contractor, with Related Cos. the project manager.
no condos + related = chance for W hotel ?

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

Last edited by Kagehitokiri; Mar 18, 2010 at 11:58 am
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Old Mar 21, 2010 | 2:42 pm
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Wasn't there some talk (I'm sure quite outdated) of Hyatt possibly getting involved?
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Old Mar 21, 2010 | 8:12 pm
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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.
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Old Mar 23, 2010 | 1:30 pm
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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.
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