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Business
Aug. 02, 2007
Copyright © Las Vegas Review-Journal

Developer buys 30 condos in CityCenter

By HOWARD STUTZ
REVIEW-JOURNAL

Denver-based resort developer Exclusive Resorts announced Wednesday it purchased 30 condominium units in one of the four high-rise towers being built as part of MGM Mirage's $7.4 billion CityCenter development.

The 30 two-bedroom units, located on floors 42-48 of the Vdara Condominium Hotel, will be custom designed for Exclusive Resorts. Vdara, the largest of the four CityCenter high-rises, is designed by architect Rafael Vinoly. The tower will be 57 stories and have 1,543 residences.

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    • No price was given for the sale. In May, MGM Mirage said it had sold 452 residences at Vdara, accounting for $327 million of a potential $1.2 billion in sales.

    Exclusive Resorts said it has 350 condo developments in 40 destinations worldwide, with 125 more under development. The company said its portfolio is worth $1 billion.

    The 76-acre CityCenter, which is expected to open in 2009, includes a 4,000-room hotel-casino, smaller boutique hotels, and a dining, entertainment and retail district. The four condominium towers will include 2,700 residences.



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