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

Call 702-505-6988 for VIP Las Vegas condo representation for a Platinum Las Vegas condominium by a Las Vegas real estate agent.

Selling, buying or refinancing a piece of Las Vegas Real Estate? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Towers Las Vegas, Turnberry Towers, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.

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

Platinum Las Vegas Condos Opened Near Las Vegas Strip

Platinum Las Vegas Condos opened as one of the first Las Vegas condo-hotels near the Las Vegas Strip. The $100 million Las Vegas commercial real estate project was 80 percent pre-sold when Platinum real estate received financing 20 months ago and sold out.

Platinum Las Vegas condominiums includes a 16-story residential tower and a five-story, 238-slip parking garage on a two acre site, one block east of the Bally’s, Bellagio and Caesars Palace Las Vegas casinos. The real estate developer is a joint venture of Chicago-based Diversified Real Estate Concepts and Marcus Hotels & Resorts of Milwaukee.

Priced between $400,000 and $1 million, the Las Vegas condos range from 911 sf to 2,166 sf and include 24-hour room service, a full kitchen, a balcony, a fireplace, a 42-inch HD plasma television, an oversized whirlpool bath, town car service and complimentary high-speed Internet access. Platinum real estate in Las Vegas amenities include an indoor and outdoor swimming pools; a poolside lounge and a lobby café; a luxury spa; a 4,500-sf rooftop terrace overlooking the Strip and an upscale restaurant and bar,.

Corus Bank provided the two-year construction loan for Platinum real estate in February 2005. While Corus finances many condominium projects, this is one of the first condo-hotel developments it has financed. Platinum Las Vegas had a strong level of pre-sales helped Corus Bank become comfortable in advancing 90% of project costs.

Marcus Hotels and Resorts owns or manages 16 hotels, resorts and other properties. The company is currently restoring the historic Skirvin Hilton, a public/private historic hotel renovation project in Oklahoma City. Under the joint-venture agreement for Platinum, Marcus Hotels and Resorts responsible for operating the hotel, DREC is responsible for marketing Platinum Las Vegas hotel, Marcus Hotels and Resorts and DREC oversaw construction management.

Call 702-505-6988 for VIP Las Vegas condos representation for Platinum Las Vegas condos by a Las Vegas real estate agent.

Selling, buying or refinancing a piece of Las Vegas Real Estate ? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Towers Las Vegas, Turnberry Towers, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.

Platinum Las Vegas condos opened near the Las Vegas Strip.