Condominium and Casino in Las Vegas; Project May Cost Up to $1.7 billion
|LAS VEGAS, Aug. 24, 2005 - W Hotels Worldwide, in partnership with
Edge Resorts, will open its first hotel and residences in Las Vegas, NV,
the W Las Vegas Hotel, Casino and Residences. The W Las Vegas is scheduled
to open in 2008 and will be located at the intersection of Harmon Avenue
and Koval Lane, in the heart of Las Vegas's most exciting development corridor,
500 meters east of the famed Las Vegas Strip.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), W's parent company, entered into a joint venture with Edge Resorts, a group of private investors consisting of Trevor Pearlman, Reagan Silber and Adam Frank, to purchase 21 acres of prime land for $108.2 million. Edge Resorts owns 75% of the venture; Starwood owns the remainder and will manage the hotel.
"Las Vegas is like no other city in the world and has been on the top of W's development strategy for years and we are thrilled to announce that the brand is setting the stage for a dramatic entry into one of the world's most important, exciting destinations," says Ross Klein, Senior Vice President, Chief Marketing Officer for W Hotels Worldwide. "The W Las Vegas will offer guests extraordinary experiences at every turn through the brand's lifestyle elements -- provocative spaces, delightful indulgences and experiential surprises that will be unheard of even by 'Vegas' standards."
"This project combines the hottest, most sought-after hotel brand in the world with one of the most vibrant hospitality markets in the U.S.," said Edge Resorts President Adam Frank. "W Las Vegas will be the cornerstone property of the 'Harmon Corridor,' an area quickly becoming the location of choice for new development in Las Vegas."
The W Las Vegas will embrace the stylish, signature comforts W is renowned for, including striking architecture, multiple restaurants, exhilarating nightlife and a destination spa. The development will be the brand's first property with a casino. Highlights of the $1.7 billion project include:
The first W Hotel opened in New York December 1998. There are now five hotels in New York City and 20 hotels in the U.S. and abroad. Recent openings include W's first property in Latin America, W Mexico City, which opened in December of 2003, W's first property in Asia, W Seoul - Walkerhill, which opened in August of 2004 and its first property in Canada, W Montreal, in October of 2004. Residence properties have been announced for Dallas, Fort Lauderdale, Scottsdale and Hoboken. In addition, there are several more W Hotels in development in city and resort destinations around the world.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com.
Trevor Pearlman, Reagan Silber and Adam Frank are principals of Edge Group, parent company of Edge Resorts, an investment group focusing on real estate development and gaming primarily in the Las Vegas market.
Jane Glastein Lehman
|Also See:||Starwood Signs Agreement with HEI Hospitality and Gatehouse Capital to Operate W Hotel & Residences in Hollywood, California / June 2005|
|Reig Capital Puerto Rico, Inc. Developing the W Vieques - Martineau Bay, Located on the Island of Vieques / June 2005|