The Encore Suites resort is designed to look very much like the first phase, which has 2,716 rooms anchored by an 111,000-sf casino; 22 food and beverage outlets; 200,000 sf of meeting space; 74,000-sf of retail, and a Ferrari and Maserati dealership. The smallest rooms in the Encore Suites tower, at 700 sf, will be larger than those in the first phase. The VIP suites in Encore will top out at 5,800 sf.
Construction of Encore Suites commenced in the second quarter of 2006, approximately one year after the opening of the $2.7-billion first phase. The project budget for Encore is $2.1 billion, of which just under $1 billion had been spent as of the end of 2007.
Hotel occupancy at Wynn Las Vegas averaged 96% in 2007 and the average daily room rate was $300. The comparable market-wide averages are 90.4% and $132, respectively.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.