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Cosmopolitan Secures Financing

By Chuckmonster on Wednesday, 4th January 2006 11:58pm
  » filed under Las Vegas  comments: 0

   

Ladies and Gentlemen, the Las Vegas Building Boom 2006 is now in Session - The Cosmopolitan has secured $600 million dollars of financing to get itself started. Here's the press release from Reuters:


A developer for Hyatt Hotels Corp.'s first venture onto the Las Vegas strip closed on a roughly $600 million construction loan for the first phase of the $2.2 billion Cosmopolitan Resort & Casino, the project's investment banker said on Wednesday.

Ian Bruce Eichner, one of the largest U.S. developers, closed on the initial financing for the hotel-condominium- casino complex on Dec. 30, said Rob Horowitz, principal of Cooper-Horowitz, which arranged the debt and equity financing.

The Cosmopolitan will be located on 8.5 acres and will consist of two primary buildings. A 2.1 million-square-foot west tower will include a hotel and 1,300 condominiums. A smaller 900,000-square-foot east tower will include 700 condominiums and be located next to the Bellagio hotel and casino.



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