This is a sign that the Hotel industry is coming alive again. Banks are back to taking risks acquiring hospitality assets. This is even as Las Vegas has been overbuilt in the past few years and the local economy there is in shambles. Maybe Deutsche Bank knows something????
I am aware of a number of hotels in the northeastern U.S. that are ripe for acquisition and will provide excellent rates of return to investors. I'm not talking about a $4 billion dollar casino/hotel, but many excellent smaller properties are available.
Contact me if you want to know more at frank@globalhotellaw.com
Deutsche Bank Gambles on Vegas' Newest Hotel and Casino
Can The Cosmopolitan Survive in the Struggling Sin City?
By SARAH ROSENBERG and OLIVIA KATRANDJIAN
Jan. 18, 2011
The hottest party in Las Vegas this New Year's Eve was
not at any of the monster casinos people know so
well. In fact, it had nothing to do with magicians or
show girls. Instead, Jay-Z and Coldplay headlined a
concert that included performances by Beyonce, John
Mayer, and Kanye West at a hotel start-up on Vegas'
Strip. The property had no history and no customer
base, and many thought it had no chance of ever
opening. But against all odds, The Cosmopolitan is
the talk of Sin City these days, for reasons that go far
beyond its curious ad campaign, which includes a
bellboy with no pants. "My mom called me and she
said, 'I saw that commercial and I don't know what it
meant, but I kind of liked it,'" said John Unwin, the
CEO of The Cosmopolitan. "We've had good
response...it's got a pants-less bellboy and it's got
puppies." Unwin is the leading man in a story that
symbolizes America's boom-and-bust era like few
others.
READ THE REST OF THE STORY HERE:
http://abcnews.go.com/Travel/deutsche-bank-gambles-vegas-newest-hotel-casino/story?id=12632684
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