Originally programmed for 3,815 keys comprised of 2,882 hotel rooms and suites, 933 condominiums, 300,000 square feet of retail, 543,000 square feet of meeting space, 155,000 square feet of gaming space and a 3,200-seat theater, the project is significant in size, function and possibility.

"As the global and local economy rebounds and 2014 visitation to Las Vegas topped a record-setting 41 million tourists, the time is ideal to realize the potential of this incredibly valuable piece of Las Vegas real estate," said Parks, first vice president. "Hotel occupancy rates in Las Vegas are over 90% with record average daily rates, retail sales are strong and there is an improvement in mass market gaming numbers. The next generation of this development is limited only by the imagination and vision of its new owner."

The property is located adjacent to the former Riviera Hotel & Casino site that is now owned by the LVCVA and is part of a planned 10-year, $2.5 billion expansion and redevelopment initiative that will add significant convention and meeting space, a World Trade Center and improve the area via aesthetic enhancements and technology upgrades. The goal of the initiative is to ensure Las Vegas remains the world's number one tradeshow destination for decades to come.

"The Fontainebleau gives a well-heeled investor or group the opportunity to do something meaningful and wonderful that will add to the Las Vegas experience," said Parks.