As lead partner, Mr. Simon led the team in the restructure, development of the highest and best use and economic forecasts of the stalled $1 billion St. Regis Condominium tower attached to the Venetian and Palazzo Hotels in Las Vegas, Nevada. The intended use is as one of the world’s top luxury shared ownership resort. Major engagement components included advising the board of directors on alternative development strategies, determining market support for various uses and full development and operating projections of the subject project.
Las Vegas Sands Corporation undertook the development of the St. Regis Tower which is situated between Palazzo and Venetian Resorts and Casinos on Las Vegas Boulevard. The subject tower was envisioned as ultra high end luxury serviced condominiums. Unfortunately after constructing the first 10-12 floors and selling the pedestal off to a major retail concern, the condominium market for luxury product in Las Vegas collapsed as the country went into a deep and prolonged recession. Upon exiting the recession, there was no market appetite for luxury condominiums at a price which made economic sense.
At the request of the Board of Directors and working with Round Hill Hospitality we assembled a team of various experts, in development, marketing and sales, financial and legal and re-conceptualized the project to be a mix of luxury timeshare, fractionals and a 6 star hotel. Our tasks included all the product specifications, development of sales and marketing approaches and detailed financial modeling.