USA – A Californian duo of companies, Shopoff Realty Investments, L.P and Contour Real Estate, has today announced that it has acquired more than five acres of land on the famous Las Vegas Strip, a stretch of South Las Vegas Boulevard in Clark County, Nevada that is known for its concentration of resort hotels and casinos.
The joint venture investment is situated near Mandalay Bay Resort, a 43-story luxury resort and casino owned and operated by MGM Resorts International.
William Shopoff, chief executive officer of Shopoff Realty Investments commented on the acquisition:
“Las Vegas continues to be a vacation destination for people from across the U.S. and abroad and this property’s location on the historic Las Vegas Strip gives it great potential as an investment.”
Shopoff, who is also president of the firm since 2004 continued:
“Utilizing our entitlement and real estate expertise, the Shopoff and Contour teams will work diligently with the city to help bring this project to life.”
It is reported that the project will begin early next year and the land will be developed in to a luxury hotel resort with over four-hundred hotel rooms, a fitness suite, spa, meeting area and nightclub.
Chief executive officer of Contour David Daneshforooz outlined the duo’s plans and why they believe there is a gap in the market:
“There is no shortage of mega-resorts in Vegas, but there is when it comes to boutique hotels that offer a more intimate experience. A ground-up Dream hotel with its world-class food and beverage offerings is a perfect boutique addition to the Las Vegas Strip for visitors seeking a more intimate experience.”
Dream Hotel Group is the brand who will reportedly be managing the new venue, a hotel brand and management company with a 30-year history based in New York.
Jay Stein, chief executive officer of Dream Hotel Group said:
“We are honoured to partner with Shopoff Realty Investments and Contour as we work together to bring Dream’s vibrant, design-driven brand of hospitality to Las Vegas. When open, Dream Las Vegas will be unlike anything else currently available on the Las Vegas Strip, offering a new go-to destination for locals and out-of-town pleasure seekers alike.”