El-Ad Properties is a New York City-based development firm owned by El Ad Group, an Israel-based real estate development conglomerate controlled by Israeli billionaire Yitzhak Tshuva. El-Ad owns among other things the recently renovated Plaza Hotel in New York City.
In August, El-Ad and Tel Aviv-based Property & Building Ltd. paid $1.24 billion for the 34.5-acre New Frontier Hotel Casino across from Wynn Las Vegas, which was demolished last week in preparation for a $5-billion redevelopment that also would carry the Plaza name.
Tamares Las Vegas Properties is an LLC of Tamares Real Estate, which is a division of the Tamares Group, a privately owned worldwide investment company headquartered in Vaduz, Lichtenstein. The company's portfolio includes such landmarks as 1500 Broadway on Times Square in New York, and Princes House on Piccadilly in the heart of London's West End. Tamares Real Estate first invested in Downtown Las Vegas during March 2004, when it purchased a 40-acre portfolio including a number of hotel and casino properties.
Tamares Las Vegas Properties filed its lawsuit in Clark County District Court on Aug. 9 seeking to prevent the unauthorized use of the Plaza name in Las Vegas by El-Ad Properties and Property & Building Ltd. Harry Braunstein, Tamares Group's U.S. general counsel says in a prepared statement that the decision "clears the way for a preliminary injunction hearing that we believe will put a stop to the unfair use of the Plaza Hotel & Casino brand in Las Vegas."
The lawsuit is one of two El-Ad is dealing with since it began gambling with Vegas real estate earlier this year. David Atwell, a long-time Vegas resort broker sued El-Ad in June for $12 million, the 1% brokerage fee he says he is entitled to for initiating the New Frontier transaction. Depositions were taken two weeks ago, according to an Atwell spokesperson.
El-Ad has told GlobeSt.com through spokespersons that both cases are without merit.
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