The property is being demolished to make way for the Plaza Hotelcomplex, a multibillion-dollar project. As reported on GlobeSt.comin August, a partnership of El-Ad Properties and Property &Building Ltd. completed a $1.24-billionacquisition of 34.5 acres fronting the Las Vegas Strip. Theproperty is located across from Wynn Las Vegas.
El-Ad Properties is a private real estate developer owned byYitzhak Tshuva. El-Ad owns among other things the Plaza Hotel inNew York City. Property & Building is a subsidiary of IDBHolding Corp. Ltd., which is controlled by chairman and CEO NochiDankner. Both companies are traded on the Tel Aviv StockExchange.
According to published reports, Property & Building took outa $625-million loan to pay for its share of the property. IDB GroupUSA and El-Ad Properties also provided $100 million each in loans,and will provide the $400-million balance from equity, according tothe report.
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