daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > General Urban Developments > DN Archives



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old March 18th, 2008, 10:07 PM   #121
zerokarma
Registered User
 
Join Date: May 2005
Location: Toronto
Posts: 1,511
Likes (Received): 12

uh oh...

Are they still working on it?
__________________
.... Trump Tower Toronto .............. Costa Rica Photos 1, Costa Rica Photos 2
.... if you build it they will come ........ St. Martin/St. Maarten Photos, Aruba Photos
.... www.trumptowertoronto.com ....... St. Lucia Photos, My Complete Photo Album
zerokarma no está en línea   Reply With Quote

Sponsored Links
Old March 19th, 2008, 08:02 AM   #122
mdiederi
Artist
 
Join Date: Jun 2006
Location: Downtown
Posts: 1,058
Likes (Received): 162

Yeah, they're still working on it.
mdiederi no está en línea   Reply With Quote
Old March 22nd, 2008, 08:47 AM   #123
cosmo2k9
Registered User
 
cosmo2k9's Avatar
 
Join Date: Mar 2007
Posts: 26
Likes (Received): 0

Bidding War?

Looks like Related is back in town:

Related Joins Bidding On Ailing Vegas Project
By Alex Frangos and Tamara Audi

A team that includes New York developer Related Companies is making a bid to take over the unfinished and financially ailing Cosmopolitan Resort Casino on the Las Vegas Strip, according to people familiar with the matter.

Related, led by real-estate tycoon Stephen Ross, has teamed with Starwood Hotels and Resorts Worldwide Inc.'s W Hotel group and an unidentified casino operator to try to take over the $3.9 billion hotel-condominium and casino project. The project's lender, Deutsche Bank AG, started foreclosure proceedings this month against the developer, Ian Bruce Eichner, on a $760 million loan.

http://online.wsj.com/article/SB1206...=fpa_whatsnews

Cheers,

Last edited by cosmo2k9; March 22nd, 2008 at 10:08 AM. Reason: link updated
cosmo2k9 no está en línea   Reply With Quote
Old March 22nd, 2008, 09:33 AM   #124
mdiederi
Artist
 
Join Date: Jun 2006
Location: Downtown
Posts: 1,058
Likes (Received): 162

Interesting, seems like that might be a good fit.
mdiederi no está en línea   Reply With Quote
Old March 25th, 2008, 02:54 AM   #125
cosmo2k9
Registered User
 
cosmo2k9's Avatar
 
Join Date: Mar 2007
Posts: 26
Likes (Received): 0

More Cosmo News

Cosmopolitan developer expects investors to emerge
Mon Mar 24, 2008 6:59pm EDT

LOS ANGELES, March 24 (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research), the senior lender to the partially built Cosmopolitan Resort & Casino in Las Vegas, has commenced foreclosure proceedings, but the project's developer said he believes the project can be recapitalized.

"We view this action as a means for Deutsche Bank to expand their ability to engage a greater number of serious potential investors in The Cosmopolitan," Ian Bruce Eichner, chief executive of property developer 3700 Associates LLC, said in a statement on Monday.

The Cosmopolitan is located on the Las Vegas Strip between MGM Mirage's_(MGM.N: Quote, Profile, Research) Bellagio Resort and its $8 billion CityCenter project, which is slated to open in 2010.

Eichner said Deutsche Bank began foreclosure proceedings in order to protect its interest in the project, which he said is expected to completed on time in 2009.

"We remain optimistic there will be a successful resolution to the situation," Eichner said.

Deutsche Bank in mid-January delivered a notice of default on a $760 million construction loan for the condominium-hotel project, which has seen costs climb while the U.S. credit markets have collapsed.

General contractor Perini Building Co., a unit of Perini Corp (PCR.N: Quote, Profile, Research), reached an agreement in January under which the bank has continued to fund construction work.

Eichner said there are no plans to alter that agreement.

Deutsche Bank declined to comment on the status of talks with potential investors, including Global Hyatt Corp. and Marathon Asset Management, which have also loaned money to the project.

A spokesman for Marathon said on Monday that talks with Deutsche Bank are continuing. Hyatt officials did not return calls.

Meanwhile, the Wall Street Journal reported over the weekend that New York property developer Related Companies has teamed with hotel operator Starwood Hotels & Resorts Worldwide Inc's (HOT.N: Quote, Profile, Research) W Hotel group and an unidentified casino operator to try to take over the $3.9 billion Cosmopolitan project.

Related Companies declined to comment on the report. W Hotels spokeswoman Jenni Benzaquen said, "We don't have anything going on in Las Vegas right now." (Reporting by Deena Beasley, editing by Leslie Gevirtz)


http://www.reuters.com/article/marke...0080324?rpc=44

cosmo2k9 no está en línea   Reply With Quote
Old April 21st, 2008, 03:03 PM   #126
igtrom10
Registered User
 
Join Date: Mar 2008
Posts: 1
Likes (Received): 0

Cosmopolitan Financing

Any new developments with financing in the last month?
igtrom10 no está en línea   Reply With Quote
Old April 22nd, 2008, 05:17 AM   #127
mdiederi
Artist
 
Join Date: Jun 2006
Location: Downtown
Posts: 1,058
Likes (Received): 162

Cosmo balconies
mdiederi no está en línea   Reply With Quote
Old April 24th, 2008, 05:27 AM   #128
rukiddin
Registered User
 
Join Date: Apr 2008
Posts: 1
Likes (Received): 0

Where is the model for the Cosmo now??

Does anyone know where the model for the Cosmopolitan is on display now? I bought a unit and never saw the model. Someone must have it.

Thanks for the updated photos.. nice to see some glass finally being installed on the building.

Mike
rukiddin no está en línea   Reply With Quote
Old April 30th, 2008, 09:37 PM   #129
smp7032b
Registered User
 
Join Date: Apr 2008
Posts: 24
Likes (Received): 0

I am also one of the people (fools) who brought in 2005. Is there any web site to organize any of the owners? to get some answers?
smp7032b no está en línea   Reply With Quote
Old May 1st, 2008, 12:21 AM   #130
Msradell
Always looking up
 
Msradell's Avatar
 
Join Date: Oct 2007
Location: Louisville, Kentucky
Posts: 1,773
Likes (Received): 209

Quote:
Originally Posted by smp7032b View Post
I am also one of the people (fools) who brought in 2005. Is there any web site to organize any of the owners? to get some answers?
I wouldn't say you were a fool! The project will be completed and actually your investment may be worth more when all is said and done. I agree people who bought in early deserve some answers but overall I don't feel your investment is at risk.
__________________
"Written using Dragon Naturally Speaking"
I've learned that depression is merely anger without enthusiasm.
Msradell no está en línea   Reply With Quote
Old May 9th, 2008, 12:07 AM   #131
smp7032b
Registered User
 
Join Date: Apr 2008
Posts: 24
Likes (Received): 0

anyone heard anything more on the future of this project.

Thanks
smp7032b no está en línea   Reply With Quote
Old May 9th, 2008, 04:19 AM   #132
rossie1977
Registered User
 
Join Date: Jul 2007
Posts: 220
Likes (Received): 7

this project is moving along at approx one floor per week

this is a shot of construction on February 26th http://www.vegastodayandtomorrow.com...n%20080305.jpg

now a shot of construction on May 6th http://www.vegastodayandtomorrow.com...tan-080506.jpg

by the looks of things they are working on the 17th floor of the beach tower and the 19th floor of the main tower

Last edited by rossie1977; May 9th, 2008 at 04:26 AM.
rossie1977 no está en línea   Reply With Quote
Old May 9th, 2008, 10:51 PM   #133
rossie1977
Registered User
 
Join Date: Jul 2007
Posts: 220
Likes (Received): 7

Quote:
Originally Posted by smp7032b View Post
anyone heard anything more on the future of this project.

Thanks
it seems Deutsche Bank are going to take control of the project

http://online.wsj.com/article/SB1210...googlenews_wsj
rossie1977 no está en línea   Reply With Quote
Old May 11th, 2008, 09:07 AM   #134
smp7032b
Registered User
 
Join Date: Apr 2008
Posts: 24
Likes (Received): 0

thanks for the wsj article.

I talked to the cosmo friday. They said that they had no idea who was going to own the casino. the bank is continuing to fund the construction. And they are going at 1 floor per week on the structural side. the interiors will be finished around 1/2010. The hotel contract with hyatt is still valid at this point. anyone have 3 billion to spend?
smp7032b no está en línea   Reply With Quote
Old May 25th, 2008, 12:25 PM   #135
rossie1977
Registered User
 
Join Date: Jul 2007
Posts: 220
Likes (Received): 7

working on the 20th floor of the Beach tower

[IMG]http://i30.************/6gio3k.jpg[/IMG]
http://www.flickr.com/photos/brucenm...ics/2520128600
rossie1977 no está en línea   Reply With Quote
Old May 25th, 2008, 12:49 PM   #136
xXFallenXx
Registered User
 
xXFallenXx's Avatar
 
Join Date: Jun 2007
Location: Temecula, CA
Posts: 3,862
Likes (Received): 170

^ looks great.
Thanks for all the work you've done rossie1977.
xXFallenXx no está en línea   Reply With Quote
Old May 29th, 2008, 06:14 AM   #137
cosmo2k9
Registered User
 
cosmo2k9's Avatar
 
Join Date: Mar 2007
Posts: 26
Likes (Received): 0

Robin Leach reporting sale of Cosmopolitan

http://www.lasvegassun.com/blogs/gam...-cosmopolitan/

By Liz Benston · May 28, 2008 · 7:28 PM

Since last year, New York development giant Related Cos. has been angling to take over the under-construction Cosmopolitan resort and casino, whose primary lender, Deutsche Bank, has begun foreclosure proceedings on the property.

Robin Leach, who purchased a unit at the Cosmopolitan, is reporting in a blog to be posted Thursday morning on the Las Vegas Weekly Web site, that Related boss Steve Ross has agreed to purchase the Cosmopolitan.

The Sun could not confirm that report. What is clear, however, is that Related — which developed the World Market Center in Las Vegas and the Time Warner Center in New York, among other high end commercial complexes nationwide — appears to be the forerunner among potential buyers.

The resort became a victim of the mortgage meltdown when Deutsche Bank sought more equity from developer Ian Bruce Eichner, who has since exited the $3.8 billion project.

Construction has continued under Deutsche Bank’s ownership and Related officials remain in discussions about a purchase.

Related has linked up with the Starwood hotel giant on a Cosmopolitan bid and wants to brand it a W hotel. It hasn’t been the only potential buyer to tour the site.

At one point, the likely buyer appeared to be hedge fund Marathon Asset Management, in partnership with Global Hyatt.

Besides taking on a project of this magnitude and a debt load of at least $1 billion, the winning bidder has another major hurdle to jump. Banks want assurance that buyers will be able to round up experienced operators who will be able to get licensed by Nevada gaming authorities.

It’s unclear who Related and Starwood would have in mind for this role. Also unclear is whether Related simply wants to manage the hotel as a developer or whether it wants to fork over the cash necessary to buy it outright.
cosmo2k9 no está en línea   Reply With Quote
Old May 29th, 2008, 03:49 PM   #138
cosmo2k9
Registered User
 
cosmo2k9's Avatar
 
Join Date: Mar 2007
Posts: 26
Likes (Received): 0

In Related news, on-the-rocks Cosmopolitan focus of sale chatter

http://www.lasvegasweekly.com/blogs/...-sale-chatter/

The Cosmopolitan, shown under construction in 2006, is said to become the W Hotel.

In a strong vote of confidence about the future of condo-hotels on the Strip, it is believed the troubled Cosmopolitan project adjacent to MGM's City Center is to be sold to New York-headquartered Related Companies. I've been told by highly reliable sources that a chic W Hotel will replace the plans there for a Grand Hyatt Hotel-managed facility.

Miami and New York real estate developer Bruce Eichner apparently relinquished control of the building, which is now under construction, to Wall Street's Deutscher Bank when he was unable to secure an additional $400 million equity-loan investment.

Now Luxe Life has been informed exclusively that tycoon Steve Ross, who owns Time Warner Center and Related Companies, has apparently agreed to purchase the Cosmopolitan project -- and partner with the Los Angeles-based partnership that originally planned the initial W Hotel project for Harmon Avenue that also fell victim to the current poor economic climate.

I'm told that Grimaldi's Pizza will be the only retailer kept from the original Cosmopolitan stores and restaurant lineup, and that old deals with all the other potential stores will be renogotiated or ended.

Construction on the hotel towers has continued since Deutscher took over by paying the builder directly -- and plans now call for the W Hotel to open there by fall of 2010.

The Related Company owned by Ross also owns an independent Related subsidiary, which partnered with Centra Properties of Las Vegas and investors George Clooney, Rande Gerber and Brad Pitt for the Las Ramblas resort casino complex on Harmon that also was canceled.

No financial details concerning the Related & Cosmopolitan transaction have been revealed yet.

In another surprising real estate development, I have also learned that Pure Management Group, the subject of an ongoing IRS investigation at its Pure (Caesars Palace) and LAX (Luxor) nightclubs, has purchased its first off-Strip property -- at the expensive, luxurious Queensridge development in Summerlin. Reliable sources have told me that PMG plans to put a 3,000-square-foot outdoor deck to good use as part of a new martini lounge bar and casual restaurant, similar to the new Blue Martini at Town Square.

Luxe Life will continue to monitor this developing stories.
cosmo2k9 no está en línea   Reply With Quote
Old May 29th, 2008, 10:24 PM   #139
smp7032b
Registered User
 
Join Date: Apr 2008
Posts: 24
Likes (Received): 0

Sucks to be an owner

I cannot get any info from the cosmo people. What happens to the purchase contracts?
smp7032b no está en línea   Reply With Quote
Old June 1st, 2008, 07:37 PM   #140
lvpanerai
Registered User
 
Join Date: May 2008
Posts: 6
Likes (Received): 0

I dont think it sucks to be an owner. If anything, in the long run, i think if the cosmo turns into a W Hotel, that will be great news.
Id really like to know what happens with the rental agreements though and our purchase contracts.
lvpanerai no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 08:10 AM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2018, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2018 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

tech management by Sysprosium