$100 million Las Vegas Renaissance Hotel;
With 548 rooms Will be the Largest Non-casino Hotel in Nevada
TEXAS (December 22, 2003) — Dallas real estate developer Jackson-Shaw Company
officially broke ground on the Las Vegas Renaissance Hotel, a 548-room
upscale hotel adjacent to the Las Vegas Convention Center. Renaissance
is an upscale full service brand owned by Marriott International (NYSE:MAR).
The new Las Vegas Renaissance Hotel will be the largest non-casino hotel
in Nevada and the most expensive at $100 million. During peak times,
the hotel will bring approximately 1,000 jobs to the Las Vegas community.
The December 9, 2003, groundbreaking ceremony was attended by local and
state dignitaries including Mayor Oscar Goodman, Clark County Commissioner
Myrna Williams and representatives from the Las Vegas Convention and Visitors
Authority and Las Vegas Chamber of Commerce. A letter from Nevada
Governor Kenny C. Guinn was read in addition to several other local proclamations
Jackson-Shaw owns and operates the 325-room Hampton Inn Tropicana and several other commercial real estate developments in Las Vegas, Nevada. The Dallas-based company has developed over 1.2 million square feet of industrial space in the Las Vegas Valley, currently valued at almost $150 million. Jackson-Shaw Company is planning to open an office on the East Coast in the near future.
Slated to open in February of 2005, the property will be 15 stories high and include 30 suites. The Hotel’s features and amenities are being designed with trade show exhibitors and business travelers in mind and will include nearly 20,000 square feet of meeting space and a business center.
“There is a tremendous market opportunity for the right kind of upscale, business oriented property,” said Ted Carter, Jackson-Shaw’s vice president of hotel development. “This Renaissance Hotel is literally just south of the convention center, making it the most convenient and accessible place to stay and conduct business for anyone attending a conference or trade show there.”
“Jackson-Shaw’s commitment to Las Vegas’ business and resort community reinforces the fact we are a thriving destination for the meeting and convention industry,” said Manuel J. Cortez, president and CEO, Las Vegas Convention and Visitors Authority.
“We are excited to partner with Jackson-Shaw in bringing the distinctive Renaissance brand to one of the world’s great destinations, Las Vegas,” said Jurgen Giesbert, senior vice president for Renaissance North America. “Renaissance hotels feature stylish design, attentive and respectful service, imaginative food and reassuring quality that will add value in attracting business to the convention center.”
“The new hotel will not compete directly for the more leisure-focused clientele of the mega hotel-casinos that line the famous Strip, just half a mile away,” according to Jackson-Shaw Company CEO and Chairman Lewis W. Shaw II. He noted that Las Vegas historically has been an extremely strong hotel market, with occupancy rates of 90 percent or greater between 1993 and 2000 despite the addition of 38,000 rooms during that timeframe. Las Vegas was one of the quickest markets to recover after the Sept. 11, 2001 terrorist attacks, with occupancy during 2002 averaging 88.8 percent and returning to the 90 percent range this year.
Jackson-Shaw Company has been active in the Las Vegas Valley for the past 10 years. It has been active nationwide in hospitality for over 20 years. Jackson-Shaw has built 12 hotels to date and started and sold a hotel management company that grew into a Real Estate Investment Trust (REIT), which is currently trading on the New York Stock Exchange.
To underscore its commitment to the local community and to celebrate the new Las Vegas Renaissance Hotel, Jackson-Shaw Company is making a $70,000 donation that will help fund the Jackson-Shaw Kids Cafe for five years in Las Vegas. The Cafe will provide a hot meal to children every day after school. The Cafe will be based in the Boys & Girls Clubs of Las Vegas McCabe Unit, just east of downtown Las Vegas. The program is a national initiative of America’s Second Harvest, and is a partnership between the Community Food Bank of Clark County and the Boys & Girls Clubs of Las Vegas. Jackson-Shaw is active in the community in North Texas donating its time and resources to the North Texas Food Bank. For the past three years, employees of Jackson-Shaw have collected food for the hungry in North Texas.
A builder of essential space, Jackson-Shaw focuses on real estate development and investment across the United States. The Dallas-based firm has developed more than 30 million square feet of office, industrial, flex/tech, hotel, and residential properties and has $250 million in assets under management. Its goal is to create value for its investor partners and build-to-suit clients, which have included EDS, Fidelity Investments, Fujitsu, Hewlett-Packard, Embassy Suites, Holiday Inn, MCI, Motorola, TRW, Weyerhaeuser, Frito-Lay, and the Federal Drug Administration.
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading worldwide hospitality company with over 2,600 lodging properties in the United States and 68 other countries and territories.
|Also See:||Jackson-Shaw Company Developing 325 room Hampton Inn in Las Vegas / Oct 1998|
|Boyne USA Resorts Flags The Inn at Bay Harbor a Renaissance / September 2003|