A joint venture between Shopoff Realty Investments and Contour Real Estate has purchased nearly 5.3 acres of vacant land on the Las Vegas Strip to build a luxury hotel, which is tentatively scheduled to open in early 2023. The land is located at 5051 S. Las Vegas Blvd. near the intersection with Russell Street, less than one mile from the Mandalay Bay Resort.
“Las Vegas continues to be a vacation destination for people from across the U.S. and abroad and this property’s location on the historic Las Vegas Strip gives it great potential as an investment,” said president and chief executive officer William Shopoff. “Utilizing our entitlement and real estate expertise, the Shopoff and Contour teams will work diligently with the city to help bring this project to life.”
Shopoff and Contour will complete the design and gain all approvals in order to begin construction, which is anticipated to commence in early 2021. DLR Group serves as the designer and executive architect of the project.
The development includes a full-service 450-room luxury hotel branded and managed by Dream Hotel Group; 56,000 square feet of food and beverage space including a rooftop nightclub, pool and deck; 12,000 square feet of ballroom/meeting space; a full-service spa; fitness center; and dedicated parking.
“Having invested in Las Vegas previously, we are confident in this market, as well as this specific opportunity with our exceptional development partners,” added Shopoff. “We also expect the property’s specific location, practically walking distance to the new Allegiant Stadium, will drive significant demand for this dynamic new boutique hotel.”
The property is located less than one mile from the Mandalay Bay Resort, which was purchased last month by a joint venture between Blackstone Real Estate Income Trust Inc., a publicly registered non-traded REIT sponsored by The Blackstone Group (NYSE: BX), and publicly traded REIT, MGM Growth Properties LLC (NYSE: MGP).
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame.
Contour is a privately owned opportunistic real estate firm that develops, owns, and operates property throughout the United States.