Tuesday, August 15, 2017

Cosmopolitan Plans An Overhaul For Hotel Rooms At $100 Million Cost

Cosmopolitan Las Vegas Gaming Resort is planning to do an overhaul of some of the property’s hotel rooms. It has been seven years since the facility opened to the public and executives at this Nevada casino have decided that it is the right time to renovate a great deal of its guestrooms.
Although the renovation will not involve every part of the hotel property, it is estimated that it will cost the investor some $100 million.

The resort’s executives announced late last week that they are going to carry out a renovation in some 2, 895 of the property’s 3, 072 rooms. The renovation comes after the hotel’s several years of court battles that have been initiated among others a women’s magazine that questioned why the facility used a name similar to the paper’s. When the facility in December 2010 the U.S. was going through the ‘great recession’ during which many businesses suffered great losses.

The property that was built at a cost of some $3.9 billion has so far had a rough time for the past close to seven years it has been in operation. Of the Nevada casinos, Cosmopolitan Las Vegas is among a few that have got it hard to operate with various departments facing numerous huddles.

Looking Back At The Cosmopolitan Las Vegas Casino Nine Years Ago

In early 2008, Deutsche Bank AG decided to foreclose the facility that was then owned by Soros Management Fund among others. Soros, a real estate investor had shares with the Las Vegas Sands by then.Towards the end of that year, Cosmopolitan Las Vegas was faced with the first among many lawsuits that ensued.

According to the articleCosmopolitan Casino Renovations Cost Over $100 Million from PlaySlots4realmoney, the Hearst Corporation, the owners of Cosmopolitan, a women’s magazine, the gaming resort had no right to use the name that has continued to be the magazine’s trademark for years.
Although the case was settled before it actually went to court, the paper and the resort agreed that for the same of differentiating the two, the resort would be named Cosmopolitan of Las Vegas.

Things did end well. Just a few months into the new year, the facility was again sued. This time, the case did not involve a paper but a group of people with a common thing. The Cosmopolitan Las Vegas was supposed to battle in a court of law with 400 homeowners who were apprehensive about their well-being.

Although their fears were not made public in court, they argued that it was the intention of the casino to take the condos from the 400 people and turn them into hotel rooms. According to the petition, the 400 homeowners said that they had already paid their deposits and if the casino decided to take the condos as hotel rooms, they’d lose all their money they had paid as deposit.

This case did not also see the light of the day. It was solved along the way. In 2010, and later in 2014, the property got a new owner, Blackstone Group who purchased the gaming facility from Deutsche Bank family at a cost of $1.73 billion.

No comments:

Post a Comment

Type your comment here.