LAS VEGAS-The publicly held international hotel operator Interstate Hotels & Resorts of Arlington, VA, has been tapped to manage the 1,100-unit Pinnacle Condominium Resort in Las Vegas. The twin-tower 36-story structure is tentatively scheduled to break ground in the fall of 2006 and open in the second quarter of 2009. Pre-construction sales began in February and a sales center will open in late June, a company source tells

The development site for the $850-million off-Strip condo resort project is located at the intersection of West Tropicana Avenue and Cameron Street, across from the Orleans hotel casino. The developer is the Falcon Group, which also owns the land. Falcon Group includes the Falconi Group, Praxis Resources, Inc. and Elysium Enterprises. Falconi and Praxis are real estate development companies. Elysium Enterprises is led by Mike Bellon, a Las Vegas-based entrepreneur and real estate developer.

Pre-sales to date and information on the lender and its pre-sale requirement for construction financing has not yet been released. The architect and general contractor will be announced next week, according to the source. “While we have owned the land for years, we believe that now is the right time to develop….,” says Bellon, development director, in a prepared statement. “Interstate has the size and scale….to transform this project into a one-of-a-kind lifestyle destination.”

Covering on 12 acres, Pinnacle is designed as a “vertical neighborhood” in two curvilinear, 36-story condominium resort towers connected by three sky bridges. Amenities include a three-acre amenity pool deck on the sixth floor that includes a pool with island, private cabanas, a putting green; a pet-friendly area; a one-quarter-mile jogging track; and a “dive-in” movie theater. The hotel also will offer multiple food and beverage outlets; a fully equipped fitness center; and a full-service spa; ground-floor retail; and executive office space.

Preconstruction unit pricing is in the mid-$300,000′s for studio units averaging just under 600 sf. One bedroom units start in the $400,000s, two-bedroom units in the low $600,000s and three bedroom units in the mid $900,000s. There also will be suites in the sky bridges, two-floor penthouses 31 town homes surrounding the pool deck. Absentee owners can choose to have their units rented out on a short term basis through an in-house turn-key guest residency program. A sales center is opening toward the end of June.

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