LAS VEGAS, Feb. 19, 2020 /PRNewswire/ -- Lily Funds, through its affiliated company New World LLC, has announced the successful sale of a 5.25-acre property along Las Vegas's "Resort Corridor."
The sale of 5051 Las Vegas Blvd. for $21 million, to Shopoff Realty Investments and Contour Real Estate, closed Feb. 14. The buyers plan to develop a new 450-room hotel, to be branded and managed by the Dream Hotel Group. Both buyers are based in California.
"We are pleased to not only complete the successful sale of the property and excited about the activity we are seeing on our remaining 22 acres," said Tom McManus, President and CEO of Lily Funds. "We are gratified when we can contribute, through a sale like this, to the further evolution of a dynamic real estate market such as Las Vegas."
McManus, through his company Lily Funds, manages and has for sale an additional 22 acres of land just north of 5051 Las Vegas Blvd, across the street from Mandalay Bay Resort. The property is centrally located on the famed Las Vegas Boulevard, and sits in an Opportunity Zone less than a half mile from the site of the new Raiders football stadium and nearly adjacent to the iconic "Welcome to fabulous Las Vegas" sign.
About Lily Funds
Founded in 2013, Lily Funds LLC is a private investment company and multifamily office located in Fort Lauderdale, Florida. Lily Funds value-add and opportunistic investing across the United States and Caribbean, through affiliated companies' it holds and manages numerous real estate holdings. President and CEO Tom McManus founded the company to integrate best practices developed throughout his career with a nimble structure possible only at a firm overseen directly by him.
About Dream Hotel Group
Dream Hotel Group is a hotel brand and management company with a rich, 30-year history of managing properties in some of the world's most highly competitive hotel environments, including New York, Los Angeles, Miami, Bangkok and most recently Nashville. Home to its Dream Hotels, Time Hotels, The Chatwal, Unscripted Hotels and By Dream Hotel Group brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management, and Dining & Nightlife. The company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across all market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach. For more information, please visit www.dreamhotelgroup.com and follow @dreamhotelgroup on Twitter.
For additional info visit www.lilyfunds.com or call at 954.621.7577
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SOURCE Lily Funds