US – Marriot and Witkoff to replace Fountainebleau with The Drew Las VegasBy Phil - 15 February 2018
The dormant, towering carcass of the Fountainebleau, perhaps the most iconic symbol of the last recession in Las Vegas, has finally got a new name with Marriott International and global development firm Witkoff confirming they will open a new casino resort there called The Drew Las Vegas.
The property, near the SLS, Circus Circus and the planned Resorts World Genting, as well as the Las Vegas Convention Center, has been empty since 2009. The 63-story tower was 70 per cent finished when the recession stopped its construction.
It will debut the EDITION brand in Las Vegas and mark The Strip’s first JW Marriott. Anticipated to open in late 2020, the resort will feature nearly 4,000 rooms and suites as well as over 500,000 square feet of convention and meeting space. Once open, the hotels will be managed by Marriott International.
“The Drew Las Vegas will become a landmark property for Marriott International,” said Tony Capuano, EVP and Global Chief Development Officer, 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.”
“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.”
Two Blackbirds Hospitality, led by renowned hotelier and former Cosmopolitan CEO John Unwin, will oversee the launch and operations of The Drew Las Vegas. As an integrated resort, The Drew Las Vegas will be home to a broad offering including a casino, luxury hotels, together with convention facilities, entertainment, nightlife, retail and dining curated into one cohesive guest experience.