Shopoff Realty Investments and Contour Real Estate Acquire 5.25-Acre Site for Luxury Hotel on Las Vegas Strip to be Managed by Dream Hotels

Main Photo: The Chatwal New York, where it all started for Dream…the hotel that carries the Chairman/Founder’s name.

Date: February 2020

Location: South Las Vegas Boulevard, Nevada, USA

Name: Dream Las Vegas – opening 2023

No. of Keys: 450

Seller: The site was previously undeveloped, and had been planned as a new resort for some years.

Buyer: Shopoff Realty Investments and Contour announced today that the companies have entered into a joint venture agreement and have acquired 5.25 acres of vacant land on the Las Vegas Strip. 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,” explained Shopoff Realty Investments’ President and CEO William Shopoff. “Utilising 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. The vacant site will then be transformed into a full-service luxury hotel with 450 guest rooms, 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 centre, and dedicated parking.

David Daneshforooz, chief executive officer of Contour added, “There is no shortage of mega-resorts in Vegas, but there is when it comes to boutique hotels that offer a more intimate experience. A ground-up Dream hotel with its world-class food and beverage offerings is a perfect boutique addition to the Las Vegas Strip for visitors seeking a more intimate experience.”

The property is located less than one mile from the Mandalay Bay Resort, and provides close access to McCarran International Airport, the new Allegiant Stadium (home to the National Football League’s Las Vegas Raiders), the T-Mobile Arena (home to the National Hockey League’s Las Vegas Golden Knights), as well as the numerous hotel and casinos along S. Las Vegas Blvd.

“We are honoured to partner with Shopoff Realty Investments and Contour as we work together to bring Dream’s vibrant, design-driven brand of hospitality to Las Vegas,” said Dream Hotel Group CEO Jay Stein. “When open, Dream Las Vegas will be unlike anything else currently available on the Las Vegas Strip, offering a new go-to destination for locals and out-of-town pleasure seekers alike.”

THPT Comment: Good to see Dream debut in Las Vegas. Sounds like great partners. Shopoff have been predominantly into Shopping Centres, Offices and Residential to date. Contour are similarly a mixed-asset class real estate company, HQ in Costa Mesa, California and operating across the USA.

First Seen: Hotel News Resource

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