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Marcus Hotels Buys Out Platinum Partner

LAS VEGAS-The hotel division of publicly held Marcus Corp. buys out its main joint venture partner in the recently opened 255-room property near the Strip.

By Brian K. Miller | Updated on November 20, 2006

LAS VEGAS-Marcus Hotels and Resorts has increased its stake in the public spaces within Platinum Hotel & Spa, a 255-room condo-hotel here that opened a couple of weeks ago near the Strip. The purchase gives it a 90% stake in spaces that contain the property’s restaurant, café, lounge and full-service spa. Terms were not disclosed and not otherwise immediately available.

Platinum Hotel & Spa includes a 16-story residential tower and a five-story, 238-slip parking garage on a two acre site at the intersection of Koval and Flamingo streets, one block east of the Bellagio, Bally’s and Caesars Palace casinos. One of the first condo-hotels near the Strip, the $100-million project was 80% pre-sold when it received construction financing 21 months ago and sold out shortly thereafter. The condominium units are owned by individuals who may place their suites into the hotel program run by Marcus Hotels for a fee.

Marcus Hotels’ additional stake in the public portion of the development was purchased from entities affiliated with developer Michael S. Peterson. The remaining 10% ownership of the public space is held by another joint-venture partner, Chicago-based Diversified Real Estate Concepts.

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