New Asian-Themed Hotel Resort Planned Near Las Vegas Strip
Visitors to Las Vegas trade shows will soon have a $170 million Asian-themed hotel resort among their choices.
Developer Andrew Lai has signed a licensing agreement with Atlanta-based Intercontinental Hotels Group to build a 31-story, 386-room Crowne Plaza–branded casino resort to be located near the Fashion Show shopping center. The hotel/casino will be located on the north side of Interstate 15 on West Spring Mountain Road, just east of Las Vegas’ designated Chinatown District. The project is expected to be completed in 2010.
Lai’s Cogent Investment LLC will build a hotel and casino along with several restaurants, lounges, a full-service spa, and an outdoor swimming pool and fitness center. Retail space and a business center and meeting space are also planned. The hotel will offer free wireless Internet.
The developer aims to make a huge profit on the deal. He purchased the site in 2006 for $6 million. Clark County officials recently approved a gaming overlay for the area, allowing casinos. Lai said a recent appraisal of the property shows that it has grown to $28 million.
The developer hopes to capitalize on Las Vegas’ large influx of Asian tourists as well as those interested in Asian culture.
“Las Vegas has seen exceptional growth in population and tourism over the past decade hellip; making this a great location for an upscale, meetings-savvy brand like Crowne Plaza,” said Gina LaBarre, vice president of brand management for Crowne Plaza Hotels & Resorts. —Robert McAllister
