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Howard Stutz

Developer buys 30 condos in CityCenter

2 August 2007

LAS VEGAS, Nevada -- Denver-based resort developer Exclusive Resorts announced Wednesday it purchased 30 condominium units in one of the four high-rise towers being built as part of MGM Mirage's $7.4 billion CityCenter development.

The 30 two-bedroom units, located on floors 42-48 of the Vdara Condominium Hotel, will be custom designed for Exclusive Resorts. Vdara, the largest of the four CityCenter high-rises, is designed by architect Rafael Vinoly. The tower will be 57 stories and have 1,543 residences.

No price was given for the sale. In May, MGM Mirage said it had sold 452 residences at Vdara, accounting for $327 million of a potential $1.2 billion in sales.

Exclusive Resorts said it has 350 condo developments in 40 destinations worldwide, with 125 more under development. The company said its portfolio is worth $1 billion.

The 76-acre CityCenter, which is expected to open in 2009, includes a 4,000-room hotel-casino, smaller boutique hotels, and a dining, entertainment and retail district. The four condominium towers will include 2,700 residences.