Luxury Condo Hotel Project Unveiled

LAS VEGAS-The hotel management company Marcus Hotels & Resorts of Milwaukee, WI, and Chicago-based condo-hotel developer Diversified Real Estate Concepts are planning to develop a luxury condo hotel one block east of The Strip at the intersection of Koval and Flamingo Streets, near the Bellagio, Bally’s and Caesars Palace casinos.

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.