Shopoff Real EstateInvestments, in partnership with Contour, has acquired a 5.25-acredevelopment site on the Las Vegas Strip. The developer plans tobuild a 450-room hotel branded and managed by Dream Hotel Group andentertainment venue on the site, which will be located on thesouth-end of the strip near the Allegiant Stadium and less thanone-mile from Mandalay Bay Resort. The location made it anattractive opportunity for the developer.

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"It is an iconic location," William Shopoff,president and CEO of Shopoff Real EstateInvestments. "We are at the south end of The Strip, whichhas historically been a little bit ignored. We are also less than amile from Allegiant Stadium, and that whole area is going to beactivated be the stadium and all of the events that will take placethere. To be a potential anchor to the stadium made this a reallyinteresting dynamic for us."

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In addition to the iconic location and the growth opportunities,the site is also located in a qualified opportunity zone, addinganother layer of value. "The site is in a qualified opportunityzone, which gives us a fairly significant advantage for ourdevelopment capital stack," says Shopoff. "It is general locationand then the location in an opportunity zone that got our interestup. We are putting a qualified opportunity fund together tocapitalize on the vertical construction. We will be working on thatin the coming year."

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At 450 rooms, the hotel is considered small by Las Vegasstandards. Shopoff plans to design a hotel that will complement thenearby stadium and the other hotels on The Strip. "We will have 450keys and a number of food and beverage opportunities. We anticipatemusic venues, a nightclub, a day pool and a club pool and it willhave a lot of different niche opportunities," says Shopoff. "Ratherthan having really big activity spaces, the site will be dividedinto smaller operational spaces where someone can find their visionof what they want to do for that evening."

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In addition, Las Vegas is becoming more of an entertainmentdestination than a gaming destination, and the hotel will reflectthe growing demand for entertainment options. "The entertainmentsector is growing at a much faster pace, and people are spendingtheir dollars there," says Shopoff. "We want to compliment but alsoprovide an alternative to the mega-resorts on The Strip. While 450rooms isn't small, we consider it boutique by Las Vegasstandards."

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The project will break ground early next year and will open inearly 2023.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.