The stalled Fontainebleau resort project will be reborn.
Global real estate development firm the Witkoff Group has partnered with Marriott International to reimagine the property at 2755 Las Vegas Boulevard South, which has stood empty since the development went bankrupt during the Great Recession in 2009.
The Las Vegas property was purchased by Carl Icahn in 2010 for $150 million and was vacant until it was snatched up by Witkoff in 2017. Now, Marriott and Witkoff have partnered to bring new life to the sprawling complex, which will be named The Drew Las Vegas.
Its redevelopment will be overseen by Two Blackbirds Hospitality, which is helmed by renowned hotelier and former Cosmopolitan of Las Vegas CEO John Unwin.
"The Drew Las Vegas will become a landmark property for Marriott International," said Tony Capuano, executive vice president and global chief development officer for Marriott International. "The resort will give our more than 100 million loyalty members the chance to enjoy our brand of hospitality in one of the most exciting and popular cities in the world, whether the visit is for a convention or a leisure trip."
The resort and casino are scheduled to open in 2020 and will be home to Marriott's Edition brand as well as The Strip's first JW Marriott. High-end entertainment, nightlife, retail, and dining will also be curated into the guest experience.
The resort will feature nearly 4,000 rooms and suites as well as more than 500,000 square feet of convention and meeting space. Once open, the hotels will be managed by Marriott International.
"With Marriott International, we have the opportunity to leverage the world's most powerful group and convention pipeline as well as an unmatched loyalty program to ensure we unlock the unparalleled value of this asset," said Witkoff chairman and chief executive officer Steven Witkoff. "This acquisition, made in partnership with New Valley LLC, is a well-designed, structurally sound project with a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts."
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