The two-acre Platinum Suite Hotel & Spa will feature 255 condo units; a luxury spa; indoor and outdoor swimming pools; a 4,500-sf rooftop terrace overlooking The Strip; an upscale restaurant and bar, a poolside lounge and a lobby cafe. Units will range from 911 sf to 2,166 sf and include a full kitchen, a balcony, a plasma screen television, an oversized whirlpool bath, a fireplace, 24-hour room service, town car service and complimentary high speed Internet access. The units will be priced between $300,000 and $1 million, and the hotel will offer a unit rental program for owners who wish to generate income from the units.
Douglas Neis, CFO and treasurer of The Marcus Corp., which owns Marcus Hotels & Resorts, tells GlobeSt.com that Marcus Hotels & Resorts currently manages, but does not have an ownership stake in, Diversified Real Estate Concepts' Timber Ridge Lodge and Moose Mountain Falls Water Park at Grand Geneva Resort and Spa in Lake Geneva, WI. It was the success of that hotel-condo project -- it sold out before the project was complete -- that had Marcus Hotels & Resorts interested in joint venturing on this latest project, says Neis.
DREC President Michael Peterson concurs. "Ever since we successfully completed the Timber Ridge Lodge in Lake Geneva, Wisconsin, with Marcus Hotels and Resorts, we have looked for ways to develop additional projects together," says Peterson. "This project perfectly fits our respective areas of expertise."
Under the joint venture agreement, Marcus Hotels and Resorts and DREC will oversee construction management; DREC will be responsible for marketing the project, and; Marcus Hotels and Resorts will operate the hotel and public. The pre-development stage is under way with a sales center and model unit expected to open to the public by February 2004. Project construction is expected to begin in Autumn 2004, with an opening date slated for early 2006.
Another condo-hotel project in the same price range also is underway. Turnberry Associates, the Florida-based developer of the $650-million Turnberry Place, another high-end condo-hotel here, is joint venturing on a project that will rise on the MGM Grand's 116-acre Strip property.
The Residences at MGM Grand will range in price from $350,000 for studio units to $1.5 million for high-end suites. A 6,000-square-foot sales and information office is up and running in MGM Grand's Studio Walk. Groundbreaking for the first of what may eventually include six 40-story towers is set for late this year.
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