Condo Hotel Center: Property Alert

February 24, 2005

THE CONRAD MAJESTIC

Las Vegas Strip Condo Hotel - Get In Before the Price Increase

Hello. Joel Greene here. I'm writing today to tell you about a condo hotel to be built that is at first-tier pricing in Las Vegas directly on the Strip. That's the good news.

The bad news is that because of all the interest in the property (and Las Vegas in general), pre-construction prices are expected to go up as early as next week, even though the property has just come on the market. That's Vegas for you!

Property Description
This Las Vegas condo hotel is The Conrad Majestic. It will be a five-star, Conrad Hilton. Conrad is the luxury brand of the Hilton hotel family.

The 655 foot tall condo hotel tower will be located on six acres. It will have a total of 558 units of which 286 are condo hotel and 272 are just hotel suites.

It will feature a combination of unique dining, shopping & entertainment. The concept will blend water and fire, indoors and outdoors, comfort and excitement in nearly 100,000 square feet on three distinctive levels.

With complete visibility of the Las Vegas Strip, The Majestic will be a welcome departure from the mega-malls found elsewhere. The natural "open-air" environment will be reminiscent of the relaxed friendliness of a European Piazza.

Waterfalls and natural stone will accent the surroundings. Aquariums filled with tropical fish and the Majestic's unique aquatic fireplaces (where flames dance atop bubbling waters) will create an inviting atmosphere, even though the Las Vegas Strip will be just an escalator away.

The Conrad Majestic will be built on the Las Vegas Strip,
replacing the old La Concha Hotel, across from The Stardust.

The Conrad Majestic Building Features and Amenities:

• Las Vegas Strip location and address
• Condos begin on the 31st floor
• Spectacular views from all units
• Elegant European two-story lobby & entrance
• Health club/European spa: 14,000 sq. ft. with cardio room, training stations, weight room, aerobic rooms, dry sauna, wet steam & spa
• Tri-level infinity pools, Jacuzzis and cabanas
• Master's Steak House
• Sushi restaurant
• Gourmet grocery store
• Gourmet coffee house
• 45,000 sq. ft. convention space
• Two wedding facilities
• A nightclub named Heaven conceptualized by people responsible for some of the hottest night spots in London, Paris, New York and Los Angeles
• Club Majestic: piano bar/lounge, Internet lounge & library, cigar bar
• Majestic Kidz Club
• Business center: private business suites with reception area & secretarial support, conference rooms, wireless Internet, fax, print & copy center
• Limousine service (complimentary for owners)
• Concierge services
• Room service
• 24-hour doorman and valet

As a Conrad Hilton, this five-star property will offer first-class hospitality and amenities.

Condo Hotel Unit Features:

• Ceilings are 9' high on levels 31 through 44
• Designer ceilings with recessed lighting
• Stone flooring throughout unit except bedrooms which have designer carpeting
• Extensive glass perimeter windows
• Entertainer's bar
• In kitchens: European design (Poggenpohl) cabinetry; granite countertops; designer appliances; designer china, flatware table linens and glassware
• In bedrooms: premium mattresses, European linens & bedding, flat screen TVs (with DVD & premium sound system) in all living areas and bedrooms
• In master bathrooms: Jacuzzi; European cabinets; his & hers china sinks; designer faucets, handles and accessories; stone floors, shower & countertops

What Makes The Conrad Majestic Unique?
This property will be one of the few, if not the only, five-star condo hotels in Las Vegas. Conrad Hilton will manage the operations. Its name is known for quality and excellent service. Owners in this property can expect everything to be first class. Equally significant is that this property will be right on Las Vegas Boulevard in the heart of The Strip.

The Developers
The Doumani family are the developers of The Conrad Majestic. They have owned this land for 60 years and were the original owners and builders of The Tropicana Hotel, which they no longer own. Over the years, they have developed many hotels.

Construction Status
Construction on The Conrad Majestic will begin in May 2005 and should be complete by December 2006. For those of you familiar with Las Vegas, The Conrad Majestic will be replacing the old La Concha Hotel. To the north is the Riviera, to the south is The Pepper Mill restaurant, and across the street is The Stardust.

What's Available?
Of the 286 condo hotel units available at The Conrad Majestic, about 70-80 have been sold, despite the fact that no real advertising has been done. Marketing will begin, however, on March 1, 2005, and steady price increases are expected from that point on. The developer fully expects to be 100% sold out within 90 days because as he put it, "We have to vacate the premises to make way for construction."

Pricing:

• One bedroom units, 860 sq. ft. to 1,065 sq. ft., priced from $710,000 - $1,000,000.
• Two bedroom residences, 1,340 sq. ft., priced from $1,190,000.
• Two bedroom manors, 1,785 sq. ft. to 2,145 sq. ft., with balconies, priced from $1,600,000 to $2,400,000.

The price increases $2,500 - $20,000 per floor, depending on the unit's size.

To Reserve a Unit at The Conrad Majestic
To reserve a unit at The Conrad Majestic, you'll need to put 10% down now, 10% at construction which should be in May 2005, and an additional 10% a year after construction commencement.

If you're interested, I can send you my data sheet with more details. Simply provide the following:

Your name
Address
Phone number
E-mail address

Please, no phone calls. (Lately, after I send out Property Alerts I am inundated with dozens of phone calls. Please email me and I promise, I will respond.)

Follow-up Comment on The Cosmopolitan
For those of you who read my recent Cosmopolitan Resort & Casino Property Alert, you may be wondering the status of that property. The sales staff on location are still going through their mail and matching up deposits with available condo hotel units. To say they were flooded with responses would be a grand understatement. Those of you who got in will be pleased to note the following:

Prices on 2/14/05
Studios $485,000-$650,000
One Bedrooms $800,000-$1,100,000

Prices as of today, 2/24/05
Studios $650,000-$725,000
Ones Bedrooms $1,018,000-$1,125,000

Can you say "instant appreciation?"

Wrap Up
I hope you enjoyed learning about The Conrad Majestic, Las Vegas condo hotel. As always, thank you for your interest in news from Condo Hotel Center.

Joel Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd., Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
www.CondoHotelCenter.com