Cosmopolitan Las Vegas Breathes New Life With Deutsche Bank Purchase
Cosmopolitan Las Vegas breathes new life with Deutsche Bank purchase. The financially troubled luxury Las Vegas Strip hotel has been bought out of foreclosure by an affiliate of Deutsche Bank for about $1 billion and they will continue to manage the design and construction of the Strip development.
Many were skeptical the $3.9 billion hotel project would be completed. Construction costs have almost skyrocketed to 100 percent from two and half years ago.
As the previous ownership was in question, contractor Perini Corp. has continued with the construction progress. A very large investment of millions had been spent planning and constructing the resort. The investment bank has a vested interest in seeing the Cosmopolitan hotel through to completion.
New York real estate developer Related Cos. was brought in this week to finish the hotel, a 3,000 unit hotel condo on the Strip that has run into financial troubles due to the economic downturn and current credit markets. Project continuance gives many in the real estate market the future strength of Las Vegas real estate.
Deutsche Bank also signed new agreements with The Friedmutter Group from Las Vegas, Nevada and Arquitectonica from Miami, Fl to consult on the interiors of the luxury resort.
Hotel operators are being interviewed for the casino operation and expected to announce the operator in several months.
Call 702-505-6988 for VIP luxury condo mls with a real estate broker.
Cosmopolitan Las Vegas breathes new life with Deutsche Bank purchase.