Fontainebleau on the Las Vegas Strip on Market

Iconic tower ready for immediate development

Las Vegas – November 11, 2015 – John Knott, executive vice president, CBRE​ Las Vegas, and Michael Parks​, first vice president, CBRE Las Vegas, who, together head CBRE Las Vegas’ Global Gaming Group, announce the firm’s listing of the Fontainebleau Las Vegas, the partially completed hotel casino project that represents an original investment in land and improvements of more than $2billion. At 730 feet, it stands as the tallest hotel tower on the Las Vegas Strip.

Situated on 22.65 acres on the east side of Las Vegas Boulevard south of Sahara Avenue, the project’s structure provides for flexibility relative to its completion and can be reconfigured to meet a new investor’s vision, according to Knott.

“A Las Vegas Boulevard address, coupled with adjacency to the planned expansion of the Convention Center District by the Las Vegas Convention and Visitors Authority (LVCVA), along with the tower’s iconic height, combine to make this one of the most exciting development opportunities in Las Vegas in many years,” said Knott. “The structure has been well-maintained and is ready for immediate development to bring to fruition the vision of its next owner. This is an unparalleled asset with significant potential on one of the most landmark streets in the world. Opportunities like this are few and far between.”

Originally programmed for 3,815 keys comprised of 2,882 hotel rooms and suites, 933 condominiums, 300,000 square feet of retail, 543,000 square feet of meeting space, 155,000 square feet of gaming space and a 3,200-seat theatre, the project is significant in size, function and possibility.

“As the global and local economy rebounds and 2014 visitation to Las Vegas topped a record-setting 41 million tourists, the time is ideal to realize the potential of this incredibly valuable piece of Las Vegas real estate,” said Parks. “Hotel occupancy rates in Las Vegas are over 90 percent with record average daily rates, retail sales are strong and there is an improvement in mass market gaming numbers. The next generation of this development is limited only by the imagination and vision of its new owner.”

The property is located adjacent to the former Riviera Hotel & Casino site that is now owned by the LVCVA and is part of a planned 10-year, $2.5 billion expansion and redevelopment initiative that will add significant convention and meeting space, a World Trade Center and improve the area via aesthetic enhancements and technology upgrades. The goal of the initiative is to ensure Las Vegas remains the world’s number one tradeshow destination for decades to come.

“The Fontainebleau gives a well-heeled investor or group the opportunity to do something meaningful and fabulous that will add to the Las Vegas experience,” said Parks.

CBRE is the world’s largest full service commercial real estate services and investment firm with nearly 100 employees in Las Vegas. Michael Newman serves as the managing director for CBRE Las Vegas and as the industrial practice leader for the firm’s Southwest Region. CBRE Las Vegas is located at 3993 Howard Hughes Parkway, Suite 700, Las Vegas, NV 89169-6760. For information, call 702-369-4800.


About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.