Fontainebleau Plans $2.8 Billion Condo Hotel & Casino on Las Vegas Strip
Fontainebleau said that it planned to open the 3,889-room Fontainebleau-Las Vegas by late 2009. The property will mix condo-hotel units, suites and hotel rooms with a 100,000-square-foot casino, nightclubs, spa and convention space.
The company, majority owned by Turnberry group principal Jeffrey Soffer, quietly broke ground on the 24.5-acre site north of the Riviera hotel-casino in February and has kept its plans secret until today.
"It'll be a contemporary design and it will blend what's current and what will endure in contemporary art, striking design, world-caliber architecture, new technology and hip music," Fontainebleau chief executive Glenn Schaeffer told The Associated Press. "It's not about the past, it's about the future."
The development will include about 1,000 condo-hotel units. Schaeffer said the plans showed confidence in the condo-hotel business model, which allows customers to buy residences and then have management rent them as hotel rooms for a share of the revenues when they are unoccupied.
Fontainebleau also is undertaking a $500 million renovation and expansion of a Florida hotel to create the Fontainebleau Miami Beach. The revamp, which will double the number of rooms in operation to more than 1,500 and add a nightclub, lounge, "beachscape" and a new condo-hotel tower, is expected to be finished in mid-2008.
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