Platinum Las Vegas Condo Owner Buys Out Real Estate Partner

The Platinum Las Vegas Condominium Resort Hotel and Spa division announced that Marcus Corp. had bought out one of its Las Vegas real estate joint venture partners in Platinum Hotel Las Vegas.

Marcus’ ownership interest in the public, non gaming Las Vegas condominium space in the Platinum hotel from 50 percent to 90 percent. The remaining 10 percent of Platinum Las Vegas hotel public space is owned by another real estate joint venture partner. Marcus Hotels and Resorts, which manages Platinum real estate, acquired the additional ownership from entities affiliated with developer Michael Peterson. Peterson developed the Timber Ridge Lodge and Waterpark, a Lake Geneva condominium hotel and resort that's managed by Marcus Hotels and Resorts. Terms of the real estate transaction were not disclosed.

Platinum Las Vegas condominiums is a four-star, 255 one- and two-bedroom suite Las Vegas condo hotel opened Oct. 25. The location of the non-gaming property on Flamingo Road is just off the Las Vegas Strip.

Marcus Hotels and Resorts, a unit of Milwaukee-based Marcus Corp., owns or manages a portfolio of 17 resorts, hotels and other hospitality properties across the country, with one additional hotel under development. Its properties include Hilton Milwaukee City Center, The Pfister and Wyndham Milwaukee Center hotels in downtown Milwaukee. Source: The Business Journal

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Platinum Las Vegas condo hotel owner Marcus Corp. buys out real estate partner.