The property is being demolished to make way for the Plaza Hotel complex, a multi-billion-dollar project. As reported on GlobeSt.com in August, a partnership of El-Ad Properties and Property & Building Ltd. completed a $1.24-billion acquisition of 34.5 acres fronting the Las Vegas Strip. The property is across from Wynn Las Vegas.
El-Ad Properties is a private real estate developer owned by Yitzhak Tshuva. El-Ad owns among other things the Plaza Hotel in New York City. Property & Building is a subsidiary of IDB Holding Corp. Ltd., which is controlled by chairman and CEO Nochi Dankner. Both companies are traded on the Tel Aviv Stock Exchange.
According to published reports, Property & Building took out a $625-million loan to pay for its share of the property. IDB Group USA and El-Ad Properties also provided $100 million each in loans, and will provide the $400 million balance from equity, according to the report.
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