city center

Will The Harmon Hotel At CityCenter Be Imploded?

Is one of the hotels in the Las Vegas CityCenter complex doomed? It looks like one of the high-rise hotels in the $8.5 billion CityCenter could be gone before it ever opens. The Harmon Hotel has been deemed unfit to open because of extensive, nonconforming construction work. There is even talk of imploding the luxurious hotel before it ever sees a single guest.

CityCenter opened in December 2009 with great fanfare and has a variety of open hotels nearby including Aria and the Mandarin Oriental. The 400-room Harmon Hotel & Spa was originally supposed to also include 200 residential units but that project was canceled. It was trimmed into a 27-story hotel that was supposed to open this year. The Harmon was designed by the firm of English architect Lord Norman Foster.

No decision on the hotel's fate will be made soon. MGM will hire consultants to evaluate the problems with the building and present possible solutions. Those findings will be presented to the court in October 2011 and no decision is likely to occur before the court makes a ruling, expected sometime in 2012.

Tags: city center, harmon hotel, las vegas, mgm

Blogging From the 2010 American Express Publishing Luxury Summit: What Is The New Luxury?

by Deidre Woollard (RSS feed) —

There's no denying it's been a rough couple of years for the luxury world. But we're still standing. And, after a year hiatus, so is the American Express Publishing Luxury Summit, which started last night at Las Vegas' new palace of luxe, the Mandarin Oriental in the new CityCenter complex. After a meal featuring Robert Mondavi wines and bright chatter, the conference got down to business and the real question: what is luxury now?

There are reasons to be at least cautiously optimistic. People want to shop, they also want to be reassured that its okay to do so. If 2008's luxury was a little bit brand-centric, a little too easily accessible, today's luxury is a very different animal. Two years ago we heard words like 'affluenza' and 'masstige' but those words died amid the bank bailouts and the recession. Last night, in a lecture by Richard David Story, the editor of Departures Magazine, we heard phrases like "a flight to quality" and "artisan." Bespoke is the new black. People are ready to, albeit cautiously, welcome luxury back into their lives. But now it has to matter, it has to be attached to core values. Luxury in and of itself isn't enough of a prime motivator. The label still matters but only if it carries the right reputation. Obvious logo shopping is gone.

Tags: city center, luxury summit, mandarin oriental las vegas, wealth

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City Center Considers Bankruptcy Filing

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels, Real Estate Developments

In January, it was announced that MGM Mirage was planning to scale back their City Center project, now the project seems to be in even deeper trouble. The $8.6 billion project has hired a law firm in order to prepare for a potential bankruptcy filing. The project is the Las Vegas Strip's most ambitious development, a 67-acre sprawl of hotels including a Mandarin Oriental property, residences, a casino and a huge retail and entertainment complex.

The developers, MGM Mirage and Dubai World, are expected to miss a $220 million debt payment due Friday and the project could file for bankruptcy within days unless an agreement is made. Dubai World has already filed suit against MGM Mirage, saying that its shaky finances put City Center at risk. MGM Mirage reported a $1.15 billion fourth-quarter loss this month and is said to be more than $13 billion in debt. Earlier this week the deal to sell MGM's Treasure Island casino to Phil Ruffin for $775 million was finalized.

As the Wall Street Journal mentions, even if the project does end up in bankruptcy it is likely that construction could continue or be restarted once agreements are made. No one wants to leave this massive complex of partially completed buildings unfinished and both MGM Mirage and Dubai World have sunk billions into the project. Also the city of Las Vegas needs the project to work both because of the potential jobs it creates as well as for the statement it makes that Las Vegas tourism is still thriving.

UPDATE: MGM Mirage has made a $200 million payment to the City Center project to keep the project afloat.

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Tags: city center, CityCenter, dubai world, DubaiWorld, mgm

CityCenter Opens For Sales

by Deidre Woollard (RSS feed) —

Filed under: Estates

Condo offerings may have taken a big hit in Vegas, with many projects being scrapped before they even began. But the ambitious plan for MGM's CityCenter have continued apace with construction starting last summer. The CityCenter project is located between the Bellagio and Monte Carlo resorts and is expected to open in 2009.

Now it's time to take measure of how successful this project will actually be. The Residential Sales Pavilion has opened for business to take reservations for around 2,700 luxury residences spread out over several buildings. Three of CityCenter's four residential developments are available for reservations: Vdara Condo Hotel, Veer Towers and The Residences at Mandarin Oriental. Residences at The Harmon will be released later in 2007. Unit prices start at around $500,000 for Vdara and the Veer Towers. It's a bit pricier at the Mandarin, starting at $1.5 million for suites ranging from 1,000 to 3,900 square feet. The condos are just part of the CitryCenter experience. There will also be a 60-story hotel and a retail and entertainment complex with restaurants, clubs and shops all under a crystalline canopy.

Any predictions for the success of this venture? Based on recent hesitancies about the condo market, I'm not predicting a quick sell out.

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Tags: city center, condo, las vegas, LasVegas, mgm