Las Vegas NowElad Group Invests $5 Billion to Bring The Plaza to Las Vegas

Elad Group Invests $5 Billion to Bring The Plaza to Las Vegas

New York-based Elad Group, owner of the iconic Plaza Hotel, has purchased the last available prime parcel on the Las Vegas Strip where it will develop a $5 billion multi-use ultra-luxury hotel, private residence, retail and gaming complex bearing The Plaza brand, it was announced by Miki Naftali, Elad's president.

The 34.5 acre site is currently occupied by The New Frontier & Casino which will be demolished to make way for the new Las Vegas Plaza. 

"We are delighted to enter the Las Vegas market and introduce the highest level of luxury and sophistication as defined by The Plaza worldwide," said Mr. Naftali.  "Though planning is in the early stages, The Plaza in Las Vegas will introduce the classical elegance and grandeur of the storied New York landmark to The Strip. We look forward to being part of a community with some of the most prestigious, dynamic and visionary developments anywhere," he said.  

The site is directly across from the Wynn Las Vegas and Wynn's newest development,  Encore, and will build on the concept that unparalleled luxury and service represent the new standard rather than theme park attractions.

The Plaza in Las Vegas plans to feature a six-diamond hotel, private residences, the Plaza Retail Collection, a state-of-the-art casino, destination restaurants and spectacular convention space.   

Demolition is slated to begin early next year.  Construction is anticipated to take three years, with an official opening slated for 2011.  

"There is only one original Plaza, and that will never change, but all that the brand stands for in terms of style, service and luxury will be intrinsic to the Plaza Las Vegas," Mr. Naftali said.  "We also look forward to bringing the Plaza brand to other destination cities in the near future, such as Los Angeles, San Francisco, Washington, D.C, Boston, London, Paris, Rome, Tokyo and Shanghai," he said.

"This major investment obviously reflects our confidence in the strong fundamentals of the Las Vegas market - and the power and the reach of the Plaza brand," Mr. Naftali said.

Elad Group

Elad Group is a private, U.S.-owned and operated commercial real estate development firm with properties throughout America and Canada.  Positioned for rapid growth, Elad has become one of the largest active developers of luxury properties in North America with offices in NY, Florida, LA, Toronto and Montreal.

The company owns an impressive portfolio of assets throughout North America as well as many varied developments which reflect the approach of restoring value to great properties, as well as building new. 

Elad's acquisition of The Plaza Hotel for $675 million in 2004 made real estate history.  The Plaza - completely restored and converted to a mix of private residences, hotel condominiums and guest rooms, and the six-level Plaza Retail Collection - will open in 2007. 

Elad's other Landmark Collection holdings in Manhattan include 21 Astor Place, The O'Neill Building at 655 Sixth Avenue and The Grand Madison at 225 Madison Avenue.  Other major projects in New York include 151 West 17^th Street, 224 West 18^th Street, 250 West Street, 1 Madison Ave. and The Link, a residential high-rise at 310 West 52^nd Street.

The firm is also developing an ultra luxury mixed-used development in Ft. Lauderdale, Florida and over 8,000 new residential units in Canada.