But, in true Las Vegas fashion, it looks like the roll of the dice has hit pay dirt.

Three months from today, CityCenter, the city’s biggest gamble in decades, will make its official debut.

Opening dates for the hotels and resorts that make up the $8.5 billion complex were unveiled Wednesday.

Vdara, a 57-story condo-hotel tower boasting nearly 1,500 suites, will open Dec. 1.

The event will precede the opening of the Crystals retail and entertainment district two days later. Crystals is described as a luxury shopping center mixed with celebrity dining attractions. It will be a central feature between the hotel towers on the west side of the Las Vegas Strip.

Another hotel overlooking the Strip, Mandarin Oriental Las Vegas, will open Dec. 4. The resort began holding job fairs to fill more than 500 positions this week.

The Aria resort and casino, the only gaming destination inside CityCenter, will hold its grand opening Dec. 16. Aria’s key attractions will include its Elvis Presley-themed Cirque du Soleil show and a mix of nightclubs and bars managed by Light Group.

Light Group has also been tapped to run the Harmon Hotel and Spa, a CityCenter tower scheduled to open in 2010.

So, after much anticipation, one of America’s most risky and exciting developments is about to be unveiled.

CityCenter, by the end of September, is expected to announce how much it will cut condominium prices, but one gaming research group says co-owner MGM Mirage will have success trimming those prices about 30 percent.

That’s the figure Realtors have said they are hearing MGM will cut its condominium prices.

If looking at potential price cuts in a vacuum, MGM would have to slice prices by 50 percent or more to close on units, but CityCenter isn’t like any other condominium project, says Grant Govertsen, an analyst with Union Gaming Group.

CityCenter opens in December when it brings 227 units at Mandarin Oriental, 670 units at Veer Towers and 1,495 at Vdara on line.

“If you were looking at the data in a vacuum and what was happening at all the other condominiums and condominium hotel projects, that data suggest prices are down 50 (percent) to 70 percent,” Govertsen says. “However, CityCenter is a completely different animal than typical high-rise products, whether it’s the location or amenities and quality of product. It is premier to the marketplace.”

By cutting prices by 30 percent and having MGM Mirage partner with lenders, buyers who already put down 20 percent won’t have to put down any more money to close the deal, Govertsen says.

Wall Street and investors aren’t expecting much from the residential sales at CityCenter, so anything decent will surpass expectations, said Govertsen, who says he thinks Wall Street will be surprised.

“Wall Street investors looking at MGM stock when they build financial models aren’t given any credit to residential,” Govertsen says. “We don’t think they will sell 100 percent, but not do the numbers (Wall Street investors) are expecting.”

The estimated price reductions per square foot would go from $1,600 to $1,120 for Mandarin Oriental. Veer would be sliced from $1,000 to $700 per square foot. Vdara would go from $1,200 to $840 if it remains a condo hotel, Govertsen says.

The Harmon, which will open in about a year at half its original planned height, will now be only a hotel. The effect of the loss of the Harmon as a condominium project will be negligible, and Mandarin Oriental should have the highest percent of closings early on, he says.

“These buyers are less price sensitive than the typical buyer of a Vegas high-rise residential and more likely to be cash buyers,” he says.

As for Vdara, Union Gaming is like others in the real estate community who predict MGM will do away with Vdara as a condo hotel and convert it to a boutique hotel similar to the Four Seasons. That means buyers of Vdara would be diverted to Veer, Govertsen says.

Vdara has the most units to sell and is likely to have the lowest closing rate with about 700 contracted so far, he says. MGM doesn’t want what took place at Trump Tower and other condo hotels to happen at CityCenter: A limited number of closings reduced the number of hotel rooms made available, he says.

Although the market isn’t good for adding hotel rooms, MGM will take a longer-term view, Govertsen says.

As for Veer, it would still have higher prices than other Strip condos, but Govertsen says the expectation is that it will lose 15 percent to 20 percent of deposits in escrow.

CityCenter is going to hurt other condominium projects on or near the Strip because it will be considered the jewel, he says.

The resale market will remain weak because so much of the inventory is similar to what the single-family housing market had to go through, he says.

Union Gaming points out that prices at Palms Place, down 8 percent, and Trump, down 18 percent, haven’t declined significantly because most of the sales are units owned by the developer. That’s not the case at MGM Signature because foreclosure sales have pushed prices down 70 percent to the low $300s per square foot.

Overall, condo prices declined more than 50 percent from the peak, with prices now about $250 per square foot, the firm says.

“Sales have been almost nonexistent,” Govertsen says. “Difficulty in acquiring financing is part of the problem.”

Most of the current buyers are using cash, with condo hotel projects seeing about four units close each month and condo projects even worse at under two units a month, he says.

Through 2009’s first eight months, Union Gaming estimates 156 condo hotel units have traded hands, 4.3 percent of total inventory or an average of 3.9 units per building per month. It estimates 159 residential condominiums have traded hands.

August was the weakest month of the year with 13 sales.

Union Gaming reports that Panorama III and Turnberry Towers West have collectively sold 13 percent of their inventory.

There is a 25 percent price differential between bank-owned sales and nondistressed properties, Govertsen says. It is believed that half of the sales at Panorama II and Sky Las Vegas are foreclosure sales, meaning prices could go up once those units have cleared the market.

Some foreclosed units have sold for less than $200 per square foot, he says. That includes a 1,712-square-foot unit at Turnberry Place II that sold for $300,000 or $175 per square foot.

Among other highlights of the report:

• Allure has sold 226 of 427 units or 53 percent.

• Palms Place has sold 380 of 599 units or 63 percent.

• Panorama III has sold 29 of 372 units or 8 percent.

• Sky Las Vegas has sold 329 of 405 units or 81 percent.

• Trump Las Vegas has sold 300 units of 1,282 units or 23 percent.

• Turnberry Towers East has sold 266 of 318 units or 84 percent.

• Turnberry Towers West has sold 62 of 318 units or 19 percent.

By Brian Wargo, In Business reporter, Las Vegas Sun

Fri, Sep 11, 2009 (3 a.m.)

We have an incredible deal on a Versace listing.

 Contact us for the very best deal available.  This should not be on the market for longer than a week, so act quick if you would like to inquire.

The sales and marketing company, S&P Destination Properties, demonstrated once again that they are among the very best in the business when it comes to selling luxury real estate.  Most know S&P Destination Properties for setting the world real estate record by pre-selling over $700 million in real estate in under 10 hours when they sold out the Trump Tower Waikiki project two years ago.

Many industry insiders had assumed that the Ritz Carlton Kapaula project would not sell very well given the current real estate conditions.  A couple high profile condo hotel projects and resort residence projects have recently failed or not sold very well - especially on the west coast.  California, in particular, has seen some stunning failures.

It remains to be seen whether the Ritz Carlton Kapalua and its massive success will be enough to lift up the rest of the resort real estate industry.  What is clear, though, is that a branded condo hotel project, sold by a highly competent sales and marketing company, has the potential to succeed in any real estate climate.

Tara Peterson is the Director of Sales for PremiumCondoHotels.com

Even though the Ritz Carlton Maui has been around for some time, the hotel is undergoing a major renovation and some of the newly designed suites are being sold as private residences.

Just some of the features will be marble foyers, walk-in closets, custom kitchen cabinetry and access to the services of The Ritz-Carlton, including twice daily maid service and valet parking. And lest we not forget, you’ll also be able to enjoy the pleasure of telling your friends that you own at the most luxurious place in town.

Without question, having direct access to D.T. Fleming Beach, rated the 1# beach in the world, is a major selling point for the Ritz Carlton. Of course, having your signature restaurant, The Banyan Tree, receive a AAA Four Diamond rating doesn’t hurt either. Adding to the amenities is an overhaul of the spa, which will now span 14,000 square-feet and have water walls flowing throughout the corridors

The residences will go to sale sometime this winter or spring. The sale date has been pushed back a little, but don’t think that gives you a little more time to make your inquiries. If you are interested, you’ve got to act fast. The list of persons looking to buy grows by the day. And if the last branded hotel available for sale, Trump Towers Waikiki, is any indication, the Residences at the Ritz Carlton Maui will be snapped up the very first day they are made available. This is what happened with Donald Trump’s condo hotel property on the Big Island. Over $700 million dollars of real estate was sold in under 9 hours. Over a thousand would be purchasers were turned away at the door because no more suites were available to buy.

The Residences at the Ritz Carlton Maui is a much smaller offering with only 100 residences available. If you are interested in viewing some photos of the property, visit: http://www.premiumcondohotels.com/pages/ritz-carlton-kapalua-lahaina-maui-hawaii.php You’ll see the most recent photos that have been released.

So far, the Ritz Carlton has been very successful in their offerings of ownership. They’ve offered the chance of ownership at 10 other properties around the world. All sold out in near record time. This amazing opportunity should be no different.

Tara Peterson is the Director of Sales for PremiumCondoHotels.com

It was the perfect setting to officially kick off the news about the new hotel and the ownership opportunity.  The occasion was marked by great music, lively conversations, and a sense of great anticipation.

The public’s response to the Chateau at Heavenly Village is not what one would have necessarily expected.  The various government agencies and planning commissions of Lake Tahoe are notorious for being anti-development.  To see them throwing their support behind the Chateau at Heavenly Village speaks volumes about the quality of the future hotel.

There was a time not so long ago when South Lake Tahoe was considered to be secondary to North Lake Tahoe.  Much of it was marked by low end hotels and gift shops.  This all changed about a decade ago when Vail Resorts, the company that owns Vail and Heavenly ski resorts, decided to give South Lake Tahoe a much needed face lift. 

They created Heavenly Village.  This large-scale development transformed South Lake Tahoe and Heavenly ski resort into a truly stunning and luxurious vacation destination.  They introduced high-end lodging, world class dining, and retail shops and boutiques fitting for such a beautiful oasis.  Had Vail Resorts stopped there, it certainly would have been enough.  But, they had other plans!

Vail Resorts is now set to take South Lake Tahoe to the next level in sophistication.  They are introducing a massive $400 million redevelopment project entailing two luxury condo hotels, a 50,000 square foot convention center, a 16,000 square foot spa, a 1.5 acre park, and a collection of shops and restaurants.  Building one is being released this winter.

The Chateau is ideally located in the heart of South Lake Tahoe, directly across from the gondola at Heavenly Village.  Guests have immediate access to the ski slopes, beaches, and hiking trails.  Guests are also within immediate walking distance to casino nightlife and entertainment.

 The Chateau’s first condo hotel will rise 6 stories and have over 200 fully furnished, luxury mountain-style hotel suites.  The building will primarily consist of studios and one bedrooms.  A few 2 and 3 bedrooms will also be available.  Suite sizes will range from 400 square feet to 2000 + square feet.   

Owners and visitors to The Chateau at Heavenly Village will experience:

• Walking distance proximity to Skiing, Beaches, and Casinos
• 16,000 sq. ft. spa
• Fitness Center
• Heated pool
• 50,000 sq. ft. convention center
• 21,000 sq. ft. meeting facilities
• Pedestrian overpass to gondola at Heavenly Village
• 1.5 acre park
• World class dining
• Retail shops
• Underground parking
• Private business center

If you’re interested in seeing some renderings and photos of the future hotel, visit  http://www.premiumcondohotels.com/pages/chateau-at-heavenly-village.php

 The Chateau at Heavenly Village will likely start getting national attention in the coming months as they unleash their marketing blitz and ski season rolls around.  In case you were wondering, the place won’t be open until 2009, so you’ve got plenty of time before you need make your reservations.  But, if you actually want to own a suite, you’d better act fast.  The suites are going to be sold this spring and most likely they’ll all be snapped up the first day that they are made available. 

Tara Peterson is the Director of Sales for PremiumCondoHotels.com

This spoke volumes about the strength of the Hard Rock brand and the intelligence behind the condo hotel concept.

Fortunately for many who got shut out last year, this amazing property is again available to the general public. The Hard Rock Hotel San Diego is ready for operation and the resale action is in full swing. A handful of the original purchasers who bought in the preconstruction phase are now making their suites available for purchase.

The Hard Rock Hotel is San Diego’s only 4 star branded condo hotel. You can chill out in a cabana by the rooftop pool. Nosh on Asian fusion at Nobu. Skip the line into the newest of Rande Gerber’s ultra lounges and bars. Sample LA’s hottest gourmet yogurt at Pinkberry or choose Maryjane’s for your favorite comfort foods. It’s life behind the velvet ropes and you’re invited.

Other amenities include:

· Landscaped rooftop pool deck
· Outdoor music venue that can accommodate up to 2000
· Intimate indoor music venue that can accommodate up to 800
· World-class, full service Rock Spa
· 40,000 sq ft. indoor and outdoor meeting space
· 9000 sq ft main event room that accommodates up to 1000 guests
· Fitness center

Suites range from studios to Rock Star suites. The studios are luxurious and spacious and come with rock and roll artwork and a wet bar filled with the finest liquors. It’s the ultimate place to chill out, share a cocktail, and feel good about life. The rock star suites are on another level entirely. Some come with fireplaces and Jacuzzis. A handful of the Rock Star suites even come with outdoor patios that are larger than your average apartment.

So, if you are interested in getting in on the VIP list and would like to consider purchasing at the hottest spot in town, you can now do so. One site that allows you to view all of the available suites is PremiumCondoHotels.com To take a look at what’s currently available, check out: http://www.premiumcondohotels.com/pages/hard-rock-hotel-san-diego.php

The properties will likely be snapped up quickly, considering that many people were not able to purchase in the preconstruction stage. And now that hundreds of guests will be spending the night and falling in love with the Hard Rock VIP experience, one can only imagine that the demand will grow even more.
Tara Peterson is the Director of Sales for PremiumCondoHotels.com

The Taste of Newport was the perfect setting to kick off the news about the new hotel and the ownership opportunity. The place was rocking with great music, everyone was eating and drinking their fill, and good times were being had all around.

The public’s response to the Hard Rock Hotel Palm Springs was what one would have expected. All were very happy to see the Hard Rock, known for their trend setting cool, to be setting their sights upon the oasis in the desert.

There was a time when Palm Springs was the ultimate escape for America’s royalty – the Hollywood elite and the stars of radio. Those days have long been gone, but the Hard Rock could very well change all of that. If the past is any indication of the future, it’s not a leap of the imagination to think that the who’s who of tinsel town and the rock gods will once again call Palm Springs their new favorite resort destination once the planned 4 star resort hotel is operational and rocking.

The Hard Rock is planning on introducing a hotel of legendary stature in the heart of downtown Palm Springs. It will come complete with a 100,000 square foot pool, a night club operated by the people behind Pure nightclub in Vegas, a massive spa facility, and of course, the requisite recording studio for visiting rock stars to cut some tracks. Not to mention, the Hard Rock Hotel Palm Springs will also have a high-end steakhouse, sushi restaurant, and there have even been rumors of a pink berry.

The hotel is being offered as a condo hotel, so anyone willing to put down a bit of cash can own a suite at the Hard Rock Hotel Palm Springs and be treated to a VIP experience that would make just about anyone envious.

As most people in southern California are aware of, the Hard Rock released their first condo hotel in San Diego last year. The building sold out the first 6 hours that they were made available to the public. This broke just about every real estate record in San Diego. If the folks behind the Hard Rock Hotel Palm Springs have anything to do about it, they’ll replicate that success and then some later this spring when they go to sale.

If you’re interested in seeing some renderings and photos of the future hotel, visit <http://www.premiumcondohotels.com/pages/hard-rock-hotel-palm-springs.phpThe Hard Rock Hotel Palm Springs will likely start getting national attention in the coming weeks as they unleash their marketing blitz, so you’ll likely start hearing more about it. In case you were wondering, the place won’t be open until 2010, so you’ve got plenty of time before you need to perfect your tan, grab your shades, and head for the desert. But, if you actually want to own a suite out there, you’d better act fast. The suites are going to be sold this spring and most likely they’ll all be snapped up the first day that they are made available.

Tara Peterson, Director of Sales for PremiumCondoHotels.com