& Casino on the Las Vegas Strip
LAS VEGAS, Nev. (April 7, 2005) -- In a city defined by mega-resorts, it will be unlike any other. At a location centered in the heart of Las Vegas action, it will be at the most desirable address. And, with visionary architecture straight out of Manhattan and Miami, it will be uniquely different. What "it" amounts to is a partnership that joins world-renowned operational excellence and distinctive design with unmatched luxury and style on the Las Vegas Strip.
Today, 3700 Associates announced Hyatt Hotels Corporation as the operator of their 2,700 hotel and condo-hotel residences. The partnership brings together Hyatt's refined Grand brand, a name and product associated with sophistication and urbanity, with the upscale accommodations at The Cosmopolitan Resort & Casino.
The partnership is particularly significant because it provides Hyatt its first opportunity to showcase the internationally recognized Grand Hyatt name in Las Vegas. The brand's grand scale will be the perfect fit for one of Vegas' most luxurious mixed-use properties. "Grand Hyatt has built a stellar, luxury reputation in such culturally rich destinations as Tokyo, Hong Kong, Berlin, San Francisco, and Washington, D.C. which perfectly suits Las Vegas' new Cosmopolitan lifestyle found at our property," said David Friedman, President of 3700 Associates, LLC, the developer of the $1.5 billion Cosmopolitan Resort & Casino.
"Our partnership brings together one of the world's finest international hotel brands with the physical and operational assets of our spectacular mixed-use, luxury hotel, condominium, retail, entertainment, and casino development at the center of the Strip in Las Vegas," said Friedman.
"Hyatt's affiliation with our project adds yet another all-star to our dream team of industry-leading designers and architects," said Ian Bruce Eichner, CEO of 3700 Associates, LLC. "The hotel tower they will manage has been designed by a forward-thinking team led by Arquitectonica, the Freidmutter Group, Paul Duesing, and Terry Dougall, who've collectively taken a bold step to fashion a project that reaches far beyond Las Vegas' traditional horizontal approach to a visionary look and feel that's befitting the next century. By Las Vegas' standards of hotel excellence it will be without a doubt one of the foremost urban
buildings and lifestyle centers in the world," Eichner added.
"We have developed a synergistic relationship with David Friedman and his team at 3700 Associates, as we share a vision and the resources which will make The Cosmopolitan the most talked-about new multi-use product in Las Vegas," said Steve Goldman, executive vice president of Global Hyatt Corporation. "We look forward to bringing the Grand Hyatt product -- internationally renowned for its service, grandeur and exceptional facilities -- to Las Vegas, a city that certainly fits the Grand Hyatt standard."
Hyatt's trend setting approach to operating and designing Grand Hyatt hotels that distinctively incorporate local urban feel will help create a lively atmosphere at Cosmopolitan Resort & Casino. The Grand Hyatt brand name is synonymous with urbane lifestyles in cities such as Seattle in the United States, Hong Kong in China, and Tokyo, Japan.
"We benefit not only from Hyatt's world-recognized hotel service excellence and its luxury brand expertise, but Hyatt's acclaimed management experience, its worldwide reservations system, its industry-leading reputation among high-end leisure travelers and corporate and incentive meeting planners, and its huge inventory of discerning international customers which add up to a tremendous plus for our independently-owned development," Friedman said.
"For owners of a Cosmopolitan condo-hotel residence, the benefit of our Hyatt partnership is tremendous," said Friedman. "In addition to managing the hotel component of our project, Grand Hyatt will also be available to any condo owner who may decide to rent his unit to hotel guests or who would like to enjoy luxury hotel services," Friedman added.
The Cosmopolitan's center-Strip location next to Bellagio, its visionary, vertical architecture and its panoramic views combined with its "one-button convenience" where owners and guests can take an elevator ride down from their residences to the casino, retail shops, restaurants, theater, meeting rooms, and The Cosmo Beach Club on the floors below, typify a new era of Las Vegas real estate and condo-hotel development. "You can own it all, in the middle of it all," said Friedman.
The Cosmopolitan will feature:
* Over 4 million square feet of development
* Two hotel and condo-hotel towers rising approximately 600 feet
* Approximately 2,700 keys comprised of luxury condo-hotel units and hotel rooms with over 1,700 condo-hotel units offered for sale
* Over 150,000 square feet of integrated, business convention and conference space available for meetings or special functions.
* Over 70,000 square-foot full-service casino
* Over 300,000 square feet of fifty to sixty exclusive and brand-name retail boutiques, ten to twelve fine-dining restaurants, and exciting entertainment venues
* 1,800 seat theater featuring a world-class production
* The Cosmo Beach Club (five acre pool deck overlooking the Strip)
* Exclusive spa & salon
* Multiple nightclub venues
* State-of-the-art 3,800-car underground parking structure
About 3700 Associates, LLC
Formed in April 2004, 3700 Associates, LLC brings together one of the nation's foremost real estate moguls from New York City and Miami with one of the gaming industry's top developers and a major, world-wide financier. The trio will develop the $1.5 billion Cosmopolitan Resort & Casino on previously undeveloped acreage at the center of the famous Las Vegas Strip (next door to Bellagio). The Cosmopolitan will be a boutique, mixed-use luxury condo-hotel-resort featuring condominiums, hotel rooms, a casino, retail, dining and entertainment venues, meeting rooms, and The Cosmo Beach Club and is scheduled to break ground in mid-2005 and open in early 2008. The 3700 Associates partnership is led by Miami and New York City developer Ian Bruce Eichner, one of the country's leading real estate developers who serves as the group's Chief Executive Officer. Eichner has developed more than six million square feet of luxury residential, office, hospitality and retail space in the Northeast and Florida totaling more than $2 billion in the last 25 years. Eichner most recently opened the Continuum on South Beach, a luxury condominium project in Miami's trendy South Beach area that has achieved record sales per square foot. Eichner partnered with noted gaming developer David Friedman, a former executive at The Venetian where he served as Assistant to Chairman Sheldon Adelson. Friedman serves as the President of the Las Vegas-based group. During his nine-year tenure, he helped finance and develop The Venetian and led The Venetian's successful effort to secure a coveted gaming license in Macau, China. Eichner and Friedman are joined by an affiliate of Dune Capital Management LP which is controlled by Steven T. Mnuchin. Dune provided the majority of the capital to, and is the Managing Member of, 3700 Associates LLC.
There are 213 hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt(R), Hyatt Regency(R), Grand Hyatt(R) and Park Hyatt(R) brands. Currently, there are an additional 28 Hyatt hotels and resorts under development, including 10 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Club, Inc. (timeshare), Hyatt Equities, L.L.C. (hotel ownership), and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, Microtel and America's Best Inns & Suites).
Hyatt Hotels Corp.
|Also See:||Developer Ian Bruce Eichner Planning 2,400 key Condo-hotel Casino on Las Vegas Strip; The Cosmopolitan Resort & Casino / November 2004|
|Hyatt Hotels & Resorts First Major Hotel Chain to Implement Passkey GroupLink SM; All Group Reservations automatically transferred to Hotel Reservation System / March 2005|