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Bad Timing Turns Good for Nevada Towers Project

LAS VEGAS-Bruce Langson's apartment property next to the Las Vegas Convention Center now likely will become a 1,980-room hotel rather than a high-rise condominium development.

By Brian K. Miller | Updated on January 23, 2008

LAS VEGAS-Bruce Langson’s apartment assets adjacent to the Las Vegas Convention Center likely will become a major hotel development instead of the condominium development originally planned. Langson tells GlobeSt.com that he has received “strong interest” from multiple large, well-known hotel operators, has an offer for construction financing and is beginning its search for development partners experienced in hospitality sector.

The good news follows a string of bad news for Langson with regard to the five-acre site, which a creditor attempted to force Langson to sell last year after the condo market disappeared. A $25.5-million bridge loan from California Mortgage & Realty gave Langson a year’s worth of breathing room to put together the hotel project, which he says can be done within the walls of the existing two-tower design for the would-have-been condominium development, saving money on the redesign.

“While we were considering our options the Las Vegas Convention Center announced plans to invest $1.4 billion in their facility, which will include moving the entrance to within 300 feet of our site and widening the street we are on, which is what generated the interest from hotel operators,” Langson says. “It just doesn’t get any better than that.”

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