Condo Hotel Center: Property Alert

November 28, 2006

Vdara, Las Vegas, Just Released!

The Only Condo Hotel at MGM MIRAGE CityCenter

Hello. Joel Greene here from Condo Hotel Center. A couple of weeks ago, I told you that my associate, Maria Lopez, and I were heading to Las Vegas where we were invited to participate in the initial launch of MGM Mirage CityCenter. Well we're back, and boy do we have a lot to tell you!

The launch was targeted at Preferred Brokers, of which Condo Hotel Center is one. I was honored to be selected as a guest speaker to tell these Preferred Brokers about condo hotels. These were all top realtors hand picked from around the world.

What was the purpose of the launch? Essentially, this group of Preferred Brokers was being offered an advance opportunity to learn about Vdara, CityCenter's only condo hotel. And that, my friends, brings me to the topic of today's Property Alert -- Vdara and your opportunity to get in on this world-class project before everyone else.

Very simply, here's what I'm talking about. Reservations from the general public won't be accepted until January 2007. But Condo Hotel Center has the Vdara information and the reservation form available for you TODAY!

For those of you who've been waiting for the next big opportunity in Las Vegas, this is it!

Joel Greene (good-looking guy, far right), addresses the Preferred Brokers of MGM MIRAGE CityCenter.

An Urban Metropolis
Let's start with some background on the MGM MIRAGE CityCenter. Years in the planning stages, CityCenter will be an incredible $7 billion mixed-use resort.

MGM MIRAGE CityCenter will be a $7 billion mixed-use resort with 1/4 mile of frontage on the Las Vegas Strip.

It will be located on the Las Vegas Strip between the Bellagio and Monte Carlo hotels, taking over the site of the now imploded Boardwalk Hotel and Casino. As the largest private development under construction in the United States, it is destined to change the landscape of Las Vegas real estate.

A city within a city is how CityCenter is already being described. It will have a ¼ mile of Strip frontage on Las Vegas Boulevard, offering proximity to all of Las Vegas' main attractions.

CityCenter will have a prime location between the Bellagio and Monte Carlo hotels.

The CityCenter Development Team
MGM MIRAGE is one of the world's leading hotel and gaming companies. It owns and operates 23 properties located in Nevada, Mississippi and Michigan, and has investments in three other properties in Nevada, New Jersey and Illinois.

For CityCenter, MGM MIRAGE has gathered some of the world's leading design, architectural and construction companies. Every building will be an icon of outstanding contemporary design. Together they are expected to create an unparalleled skyline that will redefine Las Vegas.

Artist's rendering of CityCenter entertainment complex and residential towers.

The architectural "dream team" includes eight internationally acclaimed architects. Among them are: Pelli Clarke Pelli, Rockwell Group, Studio Daniel Libeskind, Kohn Pedersen Fox Associates, Helmut Jahn, RV Architecture LLC, Gensler, and Foster and Partners. The builders too, are among the top in the country, Perini Building Company and Tishman Construction.

In addition to creating "a lively urban destination that rewrites the Las Vegas skyline," the development team has a stated objective to make their building designs examples of "responsible thinking." CityCenter will receive LEED (Leadership in Energy and Environmental Design) Silver Certification from the U.S. Green Building Council for satisfying some of the most demanding and environmental guidelines in existence today.

A Massive Project
Spanning 66 acres, CityCenter will be its own urban metropolis complete with a skyline of seven towers with upscale residences and hotel rooms, high-end shopping venues, gourmet restaurants, movie theaters, parks and pedestrian environments.

CityCenter will feature a variety of upscale hotels and residential options, a 250,000 sq. ft. casino, and a 500,000 sq. ft. retail, entertainment and dining district on 66 acres of the Las Vegas Strip. It will redefine the Las Vegas skyline.

The focal point of CityCenter will be a casino with a 4,000-room hotel-casino designed by world-renowned architect Cesar Pelli. There will be plenty of glitz in the form of light shows projected against building facades and plenty of Times Square-style neon. The project will eventually employ an estimated 12,000 people.

Construction began on CityCenter in April 2006. When complete in late 2009, the total number of buildings will be between 40 and 50, with the tallest soaring just over 600 feet above Las Vegas Boulevard. Construction has already begun. {Delete this line}It started in late 2006, and completion is expected by late 2009.

The residential choices will include:

• Vdara - a free-standing tower, 1,543 condo hotel units
• Veer - a condominium-only project, two towers, 702 loft-style condominiums
• Mandarin Oriental Hotel - a hotel residence, 400 hotel rooms with 227 condominiums (no rental component). Sold out!
• The Harmon - a hotel residence, 400 hotel rooms and 228 condominiums (no rental component)

Vdara Condo Hotel
Vdara will be the only condo hotel in CityCenter. It is ideal for those interested in a Las Vegas vacation home that they plan to use several weeks a year and that generates rental income the rest of the time, helping to offset ownership costs.

It will be a 50-story ebony tower designed by the prominent firm Rafael Viñoly Architects of New York. Intimate and secluded, it will speak to the frequent Las Vegas visitor who seeks boutique hotel service in a low-key setting.

The location will be superb, nestled between the Bellagio and CityCenter casinos. Vdara will also be just a couple minute's walk from CityCenter's 500,000 sq. ft. retail and entertainment district.

Construction on Vdara will start in 2007 and is expected to be complete in late 2009.

Vdara will be a 50-story ebony glass tower (center) with luxury amenities and 1,543 condo hotel units.

A five-star condo hotel, Vdara will offer top-of-the-line amenities and services including:

• Pool and cabanas located on 4th floor rooftop
• Full-service spa
• Branded salon
• Destination restaurant
• Coffee bar and lobby lounge
• State-of-the-art conference facilities (7,000 sq. ft.)
• 24-hour concierge, bellman and doorman
• 24-hour security
• Valet parking

Unit Sizes and Pricing for Vdara
Vdara will contain 1,543 condo hotel units. They'll consist of studios, deluxe studios, and one-bedroom units. Also available are a small selection of one- and two-bedroom penthouse suites. They will feature understated designs and large windows overlooking CityCenter.

Unit sizes will range from 500 square feet to 1,550 square feet. They'll be delivered with designer furnishings. The floor plans will be available within a couple weeks, according to the development team.

Prices for condo hotel units at Vdara will range from the $600,000's to approximately $2 million. Exact pricing will not be available until contracts are ready in early 2007. This is not unusual with highly-anticipated projects offered in very early preconstruction stages when many details have not yet been finalized.

How to Reserve a Unit
Condo Hotel Center is a Preferred Broker for Vdara Condo Hotel and CityCenter's other residential offerings as well. We can provide the reservation form and instructions you need to proceed.

You will simply be reserving a "place in line" at this point and will have the option to select a specific unit at a selection event expected to take place in early 2007. Buyers who place a reservation now are likely to have the widest selection of units at the lowest prices.

Reservations are risk-free and non-binding. They may be cancelled at any time without cost or penalty. A fully refundable $10,000 deposit is required to make a reservation.

Request the Vdara Data Sheet
Maria Lopez and I have put together a data sheet that summarizes the key information known at this time about Vdara. In accordance with developer requirements, you'll need to provide your full name, address and phone number to receive it.

Request the Vdara Data Sheet here.

After you've reviewed the Vdara data sheet, if you'd like the reservation form and instructions for proceeding, just let us know.

Condo Hotel Symposium, Las Vegas

CityCenter isn't the only thing going on in Las Vegas. A quick reminder to the many condo hotel developers who read our Property Alerts, this week is the Las Vegas conference sponsored by Condo Hotel Center, The Symposium on Financing, Developing and Operating Condo Hotels.

It will be held November 30, 2006 - December 1, 2006 at the Mirage Hotel in Las Vegas, just a stone's throw from the CityCenter site. There's still time to register.

This event is ideal for developers, hotel owners, lenders and hospitality industry service providers. Condo Hotel Center is pleased to offer our Property Alert subscribers a $150 discount off the registration price.

To receive an agenda for the event and a Discount Registration Form from Condo Hotel Center, please submit your name, company name, address and phone number here.

Request Condo Hotel Symposium information here.

Wrap Up
As always, we appreciate your taking the time to read our Condo Hotel Property Alerts. We are excited to be able to tell you about blockbuster developments like MGM MIRAGE CityCenter and especially to be able to get you in the door long before the general public, when prices are lowest and unit selection is greatest.

Please feel free to pass our Property Alerts along to friends and family, and they can subscribe here to receive their own copies. We are always trying to spread the word about condo hotels.

Thank you for making Condo Hotel Center your primary source for condo hotel information. Have a great day!

Joel Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
Licensed Real Estate Broker
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
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* Copyright infringement is taken seriously by Condo Hotel Center and will be prosecuted.
© Copyright 2006 Condo Hotel Center.

* All rights reserved. No portion of this Property Alert may be reproduced, exhibited or distributed without the express written permission of Condo Hotel Center. Although Condo Hotel Center believes the information contained in this Property Alert to be accurate and complete, Condo Hotel Center can make no such guarantee.

* CityCenter is a trademark of Project CC, LLC. Scens and improvements are not within the project, are proposed, artist's renderings only and need not be built. Plans, architectural renderings, specifications, pricing and locations are subject to change without notice ©, LLC. Unauthorized use of the images, artist renderings, plans or other depictions of CityCenter is strictly prohibited.