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Vdara: Condos? What Condos?

By JohnH on Saturday, 12th September 2009 9:14pm
  » filed under Las Vegas  comments: 4


Hidden deep within a recent Las Vegas Sun article chronicling just how far down the crapper the Las Vegas condo market has fallen - even a shatphone with a cord extension couldn't reach that sinking ship - is a rather interesting pontification from analysts at Union Gaming that MGM's forthcoming Vdara: A Condo Hotel may just become (drum-roll please) Vdara: A Hotel. That's right, the age of the condo hotel seems to be ending just as quickly as it began.

Why would MGM consider shuffling the multitude of deposit holders who want preferred access to Lady Bellagio's backdoor over to Veer? Because Vdara has, by far, the largest number of unit closings looming over its Rafael Vinoly-designed head, and faces the risk of not being able to close all of them. And because of the fact that most of said units won't close and standing agreements prevent MGM from renting unclosed units - probably because of that whole condotel, condo/MGM profit sharing scheme - it's in MGM's best interests to shuffle existing deposit holders into open units at Veer and attempt to operate Vdara as nothing more spectacular than a hotel.

Wow, a hotel with a fairly unappealing location within City Center and no casino? Yeah, that's a winner...



Comments & Discussion:

Another interesting little tidbit is that if you go to http://www.citycenter.com/ you'll notice that the word "condo" has been removed from Vdara's title. It used to be "Vdara Condo Hotel & Spa". As of a recent website update, it is now "Vdara Hotel & Spa"

On the Vdara website under the "About section" it describes Vdara Hotel & Spa as an all-suite boutique hotel... ??

let's just all call it what it is: "Vdara: the office building you can sleep in"

As of Sept. 21, 2009 if you go to the City Center Residential Sales web site at http://www.citycenter.com/luxury_las_vegas_condos/ the Vdara is still listed as Vdara Condo Hotel. The site still has the full residential sales pitch for Vdara, so if MGM is converting it from a condo hotel to a regular hotel, they forgot to update their web sites.

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