You may have noticed the collection of
cranes and bulldozers strewn across the city. Everywhere,
Las Vegas is building straight up, and soon the city skyline
will be given a serious facelift. Elegantly situated next
to the stalwarts of the Las
Vegas strip – landmarks such as the MGM
Grand or The Luxor will
soon have neighboring buildings to catch your eye. And
many of these new structures will be capitalizing on the
newest craze is luxury real estate development –
the condo hotel in Las Vegas. While many are still suffering
through the birthing pains of construction, by the end
of the decade the area surrounding the strip will be the
home to a handful of buildings leading the way towards
offering all kinds of Las Vegas condo hotels to the city’s
visitors. Currently there are eighteen different condo
hotels in Las Vegas set to sprout up throughout the city,
though rising construction costs and indefinite timelines
have made it difficult to approximate when they will finally
open their doors - but the real estate market is booming,
and soon Las Vegas condo hotels will be everywhere.
One of the first condo hotels in Las Vegas to open its doors was the Platinum Hotel and Spa. Just over a block from the bustling center of the strip, the Platinum has already gained widespread attention despite opening just recently, in October 2006. The condos were sold out years beforehand, despite being one of the few establishments in Vegas that do not offer gambling of any kind. For now, those seeking to own or rent a condo hotel in Las Vegas have to head straight here - but soon, there will be plenty of others, glittering and ready for competition.
Another condo hotel in Las Vegas on the way is The Residences, a property owned and operated by the MGM Grand. Here, owners choose whether or not to allow the hotel to rent out the property to tourists – the rooms are not so different from the higher end suites in the actual hotel, meaning that the amenities and luxury options are more widespread and available to all.
The Cosmopolitan Resort and Casino is perhaps the most eagerly anticipated of the coming condo hotels in Las Vegas. With a unique design – two glass towers that appear like oddly shaped raindrops, this condo hotel in Las Vegas will go up near the highly coveted development space next door to the Bellagio and Mirage’s upcoming CityCenter project. More focused on the resort aspect, the Cosmopolitan has already sold out every property space in the complex, though the first tower will not even open until 2008.
And you knew there couldn’t be a real estate movement without Donald Trump getting involved. His Trump International Hotel and Tower will become the highest priced property of all the Las Vegas condo hotels. Of course.
But he will have plenty of competition in the upcoming years, as the numerous other condo hotels in Las Vegas begin to rise from the concrete enveloping the strip. Soon, the face of the hotel business in Vegas will be completely rearranged, with myriad more options available to the millions of tourists that descend on the city each year.
