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A New York hotel management company is planning to a 21-story luxury hotel on the south end of the Strip, near the Welcome to Fabulous Las Vegas sign.
Published Tuesday, Feb. 18, 2020 | 11:40 a.m.
Updated Tuesday, Feb. 18, 2020 | 2:30 p.m.
A New York hotel management company has plans for a new 21-story luxury hotel on the Strip.
Dream Hotel Group plans to open a 450-room hotel — complete with rooftop pool and nightlife venues — on more than 5 acres on the east side of Las Vegas Boulevard, near the Welcome to Fabulous Las Vegas sign.
Construction is expected to start early next year and last about two years.
The project is a collaboration between Dream and California-based real estate development and investment companies Contour and Shopoff Realty.
Contour closed Friday on a $21 million deal for the 5.25-acre vacant parcel, according to Clark County property records.
“Las Vegas is a market that we have been trying to get into for a lot of years now,” said Jay Stein, CEO of Dream. “We looked at a number of existing sites and we looked at maybe renovating one of those into a Dream property, but none of those got done. When we met with these developers, it was really exciting.”
Stein said the hotel, which is expected to have about 12,000 square feet of private event and meeting space, will include a casino but won’t be solely focused on gaming. It will also have three featured restaurants and a second-floor cafe.
“We’re going to do a hotel that hasn’t really been seen yet in Las Vegas,” Stein said. “A lot of the great lifestyle brands that have come to Las Vegas have ended up inside another hotel or part of another hotel. We’re going to create a stylized, hip, intimate kind of experience.”
“We’re looking to provide what the modern traveler is looking for,” he said. “We’ll be looking to partner with a gaming operator to do something different and progressive. Gaming still looks largely like what it looked like when my dad took me to Las Vegas in the 1960s.”
Stein said he’s excited that the hotel will be within about a mile of Allegiant Stadium, where the Las Vegas Raiders will play in the upcoming NFL season.
“To have football in any city is super important,” Stein said, noting that Dream has hotels in other NFL cities, including New York, Los Angeles, Nashville, Tenn., and Miami. “We hope to do partnerships with the team or with visiting teams.”
David Daneshforooz, CEO of California-based Contour, said in a statement Las Vegas has a “lack of boutique hotels that offer a more intimate experience.”
Shopoff Real Estate CEO Bill Shopoff said his company started exploring the project with Contour about six months ago, and “it looked like it might be the right place at the right time...We like the overall Las Vegas story, so we’re going to continue to look for places to deploy capital there.”
Dream Hotel Group has a roster of 16 hotels worldwide with another 20-plus properties in development.
DLR Group will be the architect for the Las Vegas project, and McCarthy Building Cos. will be the general contractor.
