Located at 5051 S. Las Vegas Blvd on the world-famous Las Vegas Strip, this vacant 5.25-acre parcel was acquired in a joint venture with Contour Real Estate in February 2020 and will be developed into a full-service luxury hotel branded as Dream Las Vegas.
The property is located less than one mile from the new Allegiant Stadium (home to the National Football League’s Las Vegas Raiders) and provides close access to McCarran International Airport, T-Mobile Arena (home to the National Hockey League’s Las Vegas Golden Knights), as well as the numerous hotels, casinos, restaurants, and other entertainment along S. Las Vegas Blvd and the surrounding area.
Shopoff and Contour will complete the preliminary design and procure all approvals in order to begin construction, which is anticipated to commence in Q2 2022. The project is expected to be completed in Q2 2024 with a hotel grand opening in Q3 2024.
In addition to Dream Hotel Group as the hotel manager, DLR will act as the Architect of Record, Rockwell Group and AvroKO Design have also been engaged as Interior Designers. McCarthy Construction has been chosen as the Design-Builder and will oversee all design and construction aspects of the project. Among their numerous projects McCarthy recently completed Allegiant Stadium (home of the NFL’s Las Vegas Raiders) as well as Circa Resort & Casino (the first new build hotel in Downtown Las Vegas in several years).
Ownership has hired Bill Smith to act as the Owners Representative and oversee the development. Bill brings a wealth of experience most recently from Las Vegas Sands where he oversaw the preconstruction of their new multibillion dollar luxury hotel development in Singapore. Bill also led the development of CityCenter Las Vegas, a $9 billion, 18-million-square-foot mixed-use project on the Strip in Las Vegas.
The final development will be a full-service, 20-story, luxury hotel with 525 guest rooms and suites (branded and managed by Dream Hotel Group) and include multiple food and beverage venues, a signature restaurant, speakeasy, Sports themed bar and restaurant with its own pool and deck, a nightclub, pool and day club, ballroom and meeting space, fitness center with spa treatments, 27,000 sf of casino space, theater/screening room, and 825 dedicated parking spaces.
Major milestones include:
There is no assurance that this strategy will succeed to meet its investment objectives. NO OFFER OR SOLICITATION: Past performance and/or forward looking statements are not an assurance of future results. The material herein does not constitute an offer to sell nor is it a solicitation of an offer to purchase any security. Offers will only be made through a private placement memorandum to accredited investors and where permitted by law. Investments in the firm’s limited partnership offerings involve a high degree of risk, including the possible complete loss of your investment, and they are illiquid with an uncertain liquidity date. Prospective investors should carefully review the “Risk Factors” section of any private placement memorandum. Investors should perform their own investigations before considering any investment and consult with their own legal and tax advisors. Securities offered through Shopoff Securities, Inc. Member FINRA/SIPC. 2 Park Plaza, Suite 700, Irvine, CA 92614.