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LAS VEGAS-LaPour Partners has finalized its franchise agreement to own and operate a new 123-room Element hotel in the master planned Summerlin area on the Western edge of the Las Vegas Valley. Element is a new extended stay brand of Starwood Hotels & Resorts.

The hotel will be built adjacent to the Nevada Cancer Institute at Interstate 215 and Town Center Road. A ground-breaking event for the project is scheduled for the later this month. The tentative opening date for the hotel is October 2008.

The hotel will have 800 sf of meeting space, a business center and an outdoor fire pit and barbecue. Guests will be able to customize the furniture in their rooms, which each have a complete kitchen and an oversized spa shower. The property’s estimated value upon completion and stabilization is $25 million, or approximately $203,000 per key.

LaPour Partners principal Jeff LaPour tells GlobeSt.com that the hotel will be the first Element-branded hotel to be built and owned by a developer. The only other Element-branded hotel ahead of it, in Lexington, MA, will be owned and operated by Starwood, he says.

LaPour also is developing an aloft-branded hotel at the corner of Paradise and Flamingo roads, which is one mile east of the Las Vegas Strip, near the Hard Rock resort and casino. Aloft is a spin-off of Starwood’s “W” brand.

On the office front, LaPour last month received its building permit for what it hopes will be one of the Las Vegas Valley’s first certified “green” suburban office buildings. The three-story, 70,000-sf office building will rise on four acres adjacent to the southbound off ramp to Russell Road (Exit 19) from Interstate 205 in the southwest submarket.

Also, LaPour recently completed construction on phase three of its Decatur Crossing flex-office development, which now totals 367,000 sf. The third phase includes 112,000 sf in two buildings. A fourth phase is in the design stage.

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