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Old June 1st, 2008, 11:34 PM   #141
fishordie
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Quote:
Originally Posted by lvpanerai View Post
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.
I agree, going from Cosmo and Eichner to Related and W makes this already great project even more of a winner. If any of the hotel/condo's have a chance to keep their unit owners from going upside down upon closing of escrow it will be this one. I cannot say that about any of the other condo/hotel projects being built or just completed in Vegas.

I own numerous units in the Cosmo Project. I for one refused to sign those one sided rental agreements. For those of you who did sign I would try and get out of them. If you read all the wording you will find it is possible, once you have signed up for the program, to NEVER have access to your own unit. During peak dates those units will be rented for years to come and you will be put into a lottery for a few hotel owned units. You will only have 30 days for advance notice to use your own facility. Forget weekends, holidays, convention days, etc. More importantly, you will only receive around 40 percent of the proceeds once you factor in you having to pay all insurance, replacement of broken items if the management cannot recover from the rentor, the free nights the management gets to use at their discression and I would assume these free nights would be at The highest demand periods including New Years eve for which you will receive not one dime. Just as importantly, the management has the right to prebook your unit for years to come at peak or desired times. Once it comes time to sell your unit the new buyers will have to abide by and not have use for any prebooked dates. To me this would greatly devalue your property should you decide to sell.

I believe owners at the Cosmo will get a second chance to resign or not the rental agreements should Related or the W handle the management portion of the hotel. Because the agreements were with Hyatt I assume they will be void. I am not a Lawyer so if there is any question I would suggest you get legal council.

I have been trying to keep folks from signing on the dotted line to these obvious rip offs of hotel management of your units. Trump owners and now Real Estate agents are finally realizing what they got their clients into and the agents are now finally telling folks to get out of the deal if they can. Trump is a nightmare for those buyers who will be upside down the moment they close escrow..... If they close escrow and they are also discovering the fee splits are so one sided they will never recoup their monthly costs.

I will be opening up a full service mangement company and there are a few others in Vegas who can operate your units at a fraction of the cost. My company will offer everything from tickets to all shows, VIP access to all clubs, etc. but we will not be opening until the end of the year. There will be very few restrictions on when you can use your own unit and the fee split will be in favor of the unit owners. Make sure you read and understand any agreements with any of the rental/leasing companies out there making sure the fine lines do not prohibit your enjoyment and use of the property. If you do not fully understand the verbiage get legal advise before signing. You folks who signed with Hyatt are getting a second chance... Make sure you make the right decision.

The same will apply to those who purchased at City Center or other hotel/condo projects. Make sure you read your contracts and if you dont like what you signed send in your cancellation letter ASAP. Hopefully management will not already have leased out all the good dates on your unit.

I would love someone to open up a web site for Cosmo or other Condo hotel owners. It would actually empower the people. I might just have to do it myself.

Best of luck to all who purchased Condo/hotel units during the frenzy of 005/006.

FOD

Last edited by fishordie; June 1st, 2008 at 11:39 PM.
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Old June 3rd, 2008, 12:44 AM   #142
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great post Fish.

funny you should mention about starting a website for condo/hotel owners. i am in the process of getting a site put with a discussion forum for unit owners. A lot of us, including myself, are pretty clueless and feel alone. Lets not get taken advantage of....
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Old June 3rd, 2008, 04:36 AM   #143
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Quote:
Originally Posted by lvpanerai View Post
great post Fish.

funny you should mention about starting a website for condo/hotel owners. i am in the process of getting a site put with a discussion forum for unit owners. A lot of us, including myself, are pretty clueless and feel alone. Lets not get taken advantage of....
Right on LV,

Let me know when you get that thing up and running. I have read and made sure I understood all the ramifications of these rental agreements both at Cosmo and a few other projects. I actually was able to get some changes to the original rental agreement but not enough to get me to sign. Each ensuing
projects rental agreement has become more and more unfair to the unit owners. The draft I saw from City Center really blew my mind as to how audacious it was especially in regards to the number of Hotel free use days. I believe it was 7 free use days at their disgression.

Anyway, let me know

FOD
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Old June 3rd, 2008, 05:51 AM   #144
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I agree

Should we not be able to get a list of owners for the condo association?
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Old June 3rd, 2008, 05:59 AM   #145
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Me! It's my tower ^_^

j/k
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Old June 3rd, 2008, 06:44 AM   #146
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Great info.
The deal is, you put up the invesment money and the management company makes the profits. Yes, you buy the hotel, and we'll run it for you.
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Old June 3rd, 2008, 07:29 AM   #147
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Nice, I like it
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Old June 4th, 2008, 04:54 PM   #148
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i heard there is some kind of a strike and they stopped construction anyone hear anything?
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Old June 4th, 2008, 05:55 PM   #149
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Yeah, it was part of the CityCenter strike next door which has the same contractor, Perini. Too many fatal accidents, striking for safer working conditions. They're back to work today.
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Old June 4th, 2008, 06:09 PM   #150
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a screenshot of cosmos beach tower taken less than 5 minutes ago from polo towers webcam

[IMG]http://i30.************/sqqr2e.jpg[/IMG]
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Old June 7th, 2008, 03:14 AM   #151
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Quote:
Originally Posted by fishordie View Post
Right on LV,

Let me know when you get that thing up and running. I have read and made sure I understood all the ramifications of these rental agreements both at Cosmo and a few other projects. I actually was able to get some changes to the original rental agreement but not enough to get me to sign. Each ensuing
projects rental agreement has become more and more unfair to the unit owners. The draft I saw from City Center really blew my mind as to how audacious it was especially in regards to the number of Hotel free use days. I believe it was 7 free use days at their disgression.

Anyway, let me know

FOD

will do, hopefully it wont take too long. we as owners need to band together if possible. would be nice to be able to get contact info on all the buyers so that we could all communicate.
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Old June 12th, 2008, 08:43 PM   #152
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any news on the sale of the building?
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Old June 15th, 2008, 12:16 AM   #153
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Originally Posted by hammmmer26 View Post
any news on the sale of the building?

We should hear some news shortly after the foreclosure which I believe is July 7. Rumors have it as a done deal but to me I have not heard the fat lady sing though she seems to be warming up her pipes. This would be the ultimate aquisition for Related and W. I have even heard rumblings the Rental agreements will be more equitable but that remains to be seen. Watching the travesty at Trump I think L.V. Condo/Hotel developers are getting a good dose of their own medicine and it does not taste very good. The management can make very good money and allow the unit owners to make good monies as well. There should be plenty here for everyone as long as Greed does not continue to play a part. Luckily for us, the economy may make honest folks out of the developers and management. I am keeping my finger in most all of the projects to see how it unfolds.

FOD
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Old June 15th, 2008, 01:11 AM   #154
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New construction pics, from VTaT:









I really like how the three projects' (CityCenter, Cosmopolitan, and Panorama Towers) exteriors all have the same style, so they all blend into one huge ultra-modern architecture zone. Quite nice, and much different from the kitsch architecture in most of Las Vegas' highrises.
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Old June 22nd, 2008, 03:28 PM   #155
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Cosmopolitan Sued..

Cosmopolitan Las Vegas sued by The Hearst Corp. owner of Cosmopolitan magazine. Sounds ridiculous !!

http://www.lvrj.com/business/20625604.html
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Old June 22nd, 2008, 03:41 PM   #156
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Good pics
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Old July 8th, 2008, 09:56 PM   #157
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anyone with any new info?
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Old July 9th, 2008, 02:07 AM   #158
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slowly but steadily rising, no funding problems since the last one though; it will probably be done by 2009/10.
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Old July 9th, 2008, 04:59 PM   #159
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IS IT GONE BE THE W?
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Old July 10th, 2008, 05:46 PM   #160
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that's the current plan; but if they run into some more funding trouble the hotel brand may change.
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