February 16, 2018 Comments Off on Marriott International, Witkoff Bet on Vegas With New Resort Views: 1141 Connect Classroom

Marriott International, Witkoff Bet on Vegas With New Resort

Since 2009, a Fountainbleu Resorts LLC project has stood 70% completed on the Vegas Strip, and been a constant reminder of the Great Recession. Now, Marriott International and New York-based global real estate firm Witkoff are partnering to open The Drew in 2020 at 2755 Las Vegas Boulevard South.

The casino and approximately 4,000 room and suite luxury hotel will boast 500,000 square feet of meeting and convention space, nightlife, retail, entertainment options, and more than 20 dining options. It will also debut Marriott’s EDITION brand, which has over 100 million loyalty members, and be the Strip’s first JW Marriott. According to Witkoff’s CEO and Chairman Steven Witkoff, the hotel will connect to the convention center that is undergoing its own expansion.

In 2010, Carl Icahn and his firm, Icahn NV Acquisition LLC, purchased the property out of bankruptcy for $150 million. Then, in August 2017, Witkoff and New Valley LLC purchased it for $600 million. The last casino resort that opened in Las Vegas was The Cosmopolitan, led by renowned hospital veteran John Unwin, who will be involved in the development, launch and operations of The Drew.

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