LAS VEGAS, Feb. 18, 2020 /PRNewswire/ -- Shopoff Realty Investments and Contour announced today that the companies have entered into a joint venture agreement and have acquired 5.25 acres of vacant land on the Las Vegas Strip. The land is located at 5051 S. Las Vegas Blvd. near the intersection with Russell Street, less than one mile from the Mandalay Bay Resort.
"Las Vegas continues to be a vacation destination for people from across the U.S. and abroad and this property's location on the historic Las Vegas Strip gives it great potential as an investment," explained Shopoff Realty Investments' President and CEO William Shopoff. "Utilizing our entitlement and real estate expertise, the Shopoff and Contour teams will work diligently with the city to help bring this project to life."
Shopoff and Contour will complete the design and gain all approvals in order to begin construction, which is anticipated to commence in early 2021. The vacant site will then be transformed into a full-service luxury hotel with 450 guest rooms (branded and managed by Dream Hotel Group), 56,000 square feet of food and beverage space including a rooftop nightclub, pool and deck, 12,000 square feet of ballroom/meeting space, a full-service spa, fitness center, and dedicated parking.
David Daneshforooz, chief executive officer of Contour added, "There is no shortage of mega-resorts in Vegas, but there is when it comes to boutique hotels that offer a more intimate experience. A ground-up Dream hotel with its world-class food and beverage offerings is a perfect boutique addition to the Las Vegas Strip for visitors seeking a more intimate experience."
The property is located less than one mile from the Mandalay Bay Resort, and provides close access to McCarran International Airport, the new Allegiant Stadium (home to the National Football League's Las Vegas Raiders), the T-Mobile Arena (home to the National Hockey League's Las Vegas Golden Knights), as well as the numerous hotel and casinos along S. Las Vegas Blvd.
"We are honored to partner with Shopoff Realty Investments and Contour as we work together to bring Dream's vibrant, design-driven brand of hospitality to Las Vegas," said Dream Hotel Group CEO Jay Stein. "When open, Dream Las Vegas will be unlike anything else currently available on the Las Vegas Strip, offering a new go-to destination for locals and out-of-town pleasure seekers alike."
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offering's memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any investment strategy will succeed to meet its investment objectives. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
Contour is a privately owned opportunistic real estate firm that develops, owns, and operates property throughout the United States. For additional information, please visit www.contourre.com or call (800) 964-8110.
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.
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SOURCE Shopoff Realty Investments