January 13, 2017
CBRE Hotels has been exclusively engaged to market the 221-room Rita Suites located one block off the Las Vegas ‘Strip’ at 344 E Desert Inn Road in Las Vegas, Nevada.
“With excellent, current net operating income and strong profit margins, this all-suite, fee simple property offers a tremendous upside opportunity to affiliate with a national hotel brand or as a multi-family or mixed-use redevelopment play,” said Chris Komanowski, senior vice president, of CBRE Hotels in Las Vegas. Mr. Komanowski added, “We are offering the Rita Suites in an auction format with bids due on March 1, 2017.”
Located behind Wynn’s Encore Casino Resort and proximate to the Las Vegas Convention Center expansion which is currently under construction, the unencumbered Rita Suites benefits from year-round demand from one of the most popular leisure and convention cities in the world.
December 27, 2016
Many of us are familiar with real estate property management i.e. the management of the daily activities of a property’s operation. But, when the conversation turns to real estate asset management, things can get a little murky.
Although there are many facets to this industry, to put it simply the goal of real estate ‘asset management’ is to maximize property value so that it can be sold, rented, and/or leased for a profit. Interested in learning more about the ins and outs of this complex, but intriguing, industry? Keep reading for a concise, but comprehensive, breakdown:
For the full article, please click here
July 25, 2016
Colliers International Las Vegas announced today the release of their second quarter market reports. While Southern Nevada’s commercial real estate market showed some softening at the mid-point of 2016, it remained positive overall. The industrial market continued to expand, posting slightly lower net absorption than in the previous quarter, but still enough to push the industrial vacancy rate down to 5.5 percent. The average asking rental rate for industrial space dropped at mid-year to $0.62 per square foot on a monthly basis, the first such drop in four quarters. “We think net absorption will remain positive for the remainder of 2016, but will not keep up with new completions,” remarked John Stater, the research manager of Colliers International’s Las Vegas office.
Please click here to view the entire report.
June 8, 2016
MGM Resorts International and New York-based Sydell Group are partnering to transform and rebrand the Monte Carlo Resort and Casino in Las Vegas. The $450 million project will offer a Las Vegas version of Sydell’s 292-room NoMad Hotel, and the launch of Park MGM, a 2,700-key luxury resort.
Park MGM and NoMad Las Vegas are the final pieces of MGM Resorts’ complete neighborhood redesign of the central Las Vegas Strip. The redesign launched in 2009 with the introduction of CityCenter. Also introduced in recent months were The Park, an outdoor and entertainment venue, and the new T-Mobile Arena.
Construction at Park MGM and NoMad Las Vegas is expected to commence in late 2016 and conclude in late 2018.
View full story at PR Newswire.
May 23, 2016
Jackie Young and Liz Clare, CCIM of Avison Young represented 2010-1 CRE NV-Industrial, LLC, in the sale of 22,540 square feet of retail space at “Blue Moon” , 2651 Westwood Drive Las Vegas, NV 89109. The buyer, Reservoir 26, LLC was represented by David Makabi of Network Realty.
The total transaction value of this sale is $1,150,000 with an approximate aggregate value of $51.02 per square foot.
March 15, 2016
The Rita Suites, a cash flowing 221-room hotel on a large 2.95-acre site, presents a rare opportunity to own a piece of the Las Vegas skyline. Located one-block off of the Las Vegas “Strip”, and at the doorsteps of some of the newest mega resorts and the $2.3BB Las Vegas Convention Center District expansion, this property is poised to take full advantage of the “uptick’ in the Las Vegas tourism/gaming market. In addition, the Las Vegas Convention and Visitors Authority has indicated that the convention center expansion project, just 1,500 feet from The Rita Suites, will create 6,000 construction jobs and take 5 – 6 years to complete. More construction jobs are planned at nearby mega Strip resorts, Alon Las Vegas and Genting Group’s Resorts World Las Vegas. This influx of neighboring jobs should bolster the occupancy at The Rita Suites while also boosting its already significant bottom line.
Positioned with Las Vegas Strip visibility and access, but priced at a fraction of “on-Strip” land, The Rita Suites is one of the few existing re-development sites in the area. In 2007, the property received height and redevelopment approvals for a variety of retail, condominium, hospitality and gaming uses. These approvals included two, 40-story towers, with over 590 rooms and 420’ height clearance (requires updated application).
This offering provides an easy entry into a very high-barrier-to-entry market. The existing hotel is unencumbered by management or franchise agreements. The property offers its guests all the typical amenities of an all-suite hotel, while offering the savvy investor or developer the potential to redevelop the site. Cash flowing nicely while at 55% occupancy, a boost in operational occupancy offers significant upside to the experienced operator.
For more information and an investment review, please contact Mike Mixer