Shopoff Launches OZ Fund to Build Luxury Hotel in Las Vegas

Shopoff Realty Investments has launched its first qualified opportunity zone fund. Called the Shopoff DLV QOZ, the fund will have a maximum equity raise of $200 million, and it will provide equity for construction of the Dream Las Vegas hotel, a $545 million project.

Shopoff says there are no other opportunity zone projects on the Las Vegas strip for high-end hotels, making this deal an anomaly. There are few development sites on the strip that could accommodate a project like this. In addition, hotel construction, particularly in the luxury market, has been rare since the start of the pandemic as these properties are experiencing the biggest declines in occupancy and RevPAR across geographic markets.