Published Monday, July 19, 2010 | 4:40 p.m.
Updated Monday, July 19, 2010 | 10:43 p.m.
Map of Cosmopolitan of Las Vegas
3708 S. Las Vegas Blvd. , Las Vegas
Owners of a casino-hotel resort due to open later this year on the Las Vegas Strip are being sued by condominium buyers who allege the residential units they bought in 2005 aren't being built after all.
Cosmopolitan of Las Vegas owners Deutsche Bank and Nevada Property 1 are accused in a lawsuit filed Monday in Los Angeles of fraudulently keeping nearly $100 million in escrow deposits paid for condos that were to open in early 2008.
The fraud and conversion lawsuit filed by three southern California residents comes after they and more than 200 other people sought an injunction in Nevada state court in Las Vegas last Thursday alleging the developers of the $3.9 billion project are turning their condos into hotel rooms.
Amy Rossetti, spokeswoman in Las Vegas for the project developer and Deutsche Bank, called the claims "entirely without merit."
The California lawsuit accuses the developer of "capitalizing on the recession" by delaying construction, then "stonewalling" condo buyers while secretly scrapping plans to include 2,000 condos in two towers totaling some 3,000 rooms.
Owner Deutsche Bank paid about $1 billion for the half-finished development in August 2008 after New York developer Ian Bruce Eichner and his company, 3700 Associates LLC, entered foreclosure. The German bank decided to finish and open the resort.
The resort announced last month that it was taking reservations for a Dec. 15 opening of about 2,000 of some 2,995 hotel rooms. It said 987 rooms would be delayed to July 2011. The hotel website advertised opening night room rates starting at $300.
The Las Vegas complaint asks a Clark County District Court judge to order disclosures from the company about plans for the project and stop the rental of condominium rooms.
"After a nearly three-year delay in construction, plaintiffs are now receiving mixed signals as to whether their units will ever be delivered to them as promised," the complaint said.
The Cosmopolitan of Las Vegas dares to be different. From the hotel’s red reservations desks to fine art found throughout the resort, The Cosmopolitan’s signature style is helping to pave its own path on the Las Vegas Strip.
Upon entering the resort, you’re greeted by pillars of video boards playing video art by Digital Kitchen and David Rockwell Studio exclusively produced for The Cosmopolitan. Just beyond that, you’ll find all your favorite casino games on the resort’s 100,000-square-foot casino floor.
The Cosmopolitan’s rooms standout as the resort’s most unique feature. About 2,220 of The Cosmopolitan’s 2,995 rooms have 6-foot deep terraces that span the length of the room, a first at a modern Strip hotel. Other in-room amenities include soaking tubs, kitchenettes and quirky accessories like artsy coffee table books.
The dining experience at The Cosmopolitan isn’t something you’ll find at other Strip resorts, either. All of The Cosmopolitan’s 13 restaurateurs are new to the Las Vegas market. You’ll find American steakhouse fare in a modern setting at STK, top-notch sushi at Blue Ribbon Sushi Bar & Grill and the freshest fish flown in from the Mediterranean daily at Estiatorio Milos.
Whether the sun is up or down, Marquee Nightclub & Dayclub is the place to find the party at The Cosmopolitan. The venue is a dayclub/nightclub, complete with a pool and cabanas outside and three different rooms with three different vibes inside.
If nightclubs aren’t your thing, you can grab a drink at one of The Cosmopolitan’s five other bars, like The Chandelier, which is encased in 2 million dripping crystals.