The Cosmopolitan of Las Vegas News - Page 22

After months of speculation, the pieces are starting to fall into place for the financially troubled Cosmopolitan project on the Strip.

The Cosmopolitan has become an unwitting symbol of the region’s economic downturn since the resort’s primary lender, Deutsche Bank, started foreclosure proceedings in January.

First it lost its financing. Now the Cosmopolitan project could lose its name.

Cosmopolitan Chief Operating Officer Scott Butera, a former investment banker specializing in reorganizing financially troubled companies, has left the troubled Strip project to take over as president of Tropicana Entertainment.

Two multibillion-dollar Strip developments less than two miles apart could become victims of the tightening credit markets and rising construction costs.

Perini Corporation reports that Deutsche Bank has begun the foreclosure process on the Cosmopolitan Resort and Casino as a parallel track to its negotiations with Global Hyatt Corporation and New York-based Marathon Asset Management.

A hotel company and an investment firm have reached an agreement to save New York developer Bruce Eichner's financially troubled $3 billion Cosmopolitan from default, an official with the Strip project said Wednesday.

Construction of the $3 billion Cosmopolitan project on the Strip will continue toward a December 2009 opening while the owner and the banks work on new financing for the project.

Perini Building Company, Inc, a wholly owned subsidiary of Perini Corporation, has in place an interim commitment with Deutsche Bank.

The tightening lending market is jeopardizing the ownership of the Cosmopolitan, a multibillion-dollar hotel-condominium development under construction on the Strip.

The Deutsche Bank has delivered a notice of loan default to the developer of the Cosmopolitan Resort and Casino project under construction in Las Vegas, Nevada.

After a year of digging down, construction on the Cosmopolitan began its ascent skyward Monday with the placement of its first 50-foot high steel beam.

Las Vegas-based Tenner & Associates, Inc. has been awarded a long-term contract for branding, marketing and event creation by the soon-to-open Cosmopolitan Resort Hotel.

The Cosmopolitan Resort & Casino has signed a deal with Robert K. Futterman & Associates real estate firm to be the exclusive broker for the resort’s retail space.

At the center of the famous Las Vegas Strip rises the Cosmopolitan Resort & Casino, a $2 billon stunning architectural statement with panoramic views of Bellagio, the Eiffel Tower, Mandalay Bay, and the majestic Red Rock Canyon.

Ian Bruce Eichner, developer of the $2 billion Cosmopolitan Resort & Casino south of Bellagio on the Strip, said Wednesday that Deutsche Bank has loaned $415 million in constructio

The first phase of the Cosmopolitan Resort & Casino project's bank loan was closed by Deutsche Bank earlier this month and clears an important milestone for the development.

Manhattan and Miami developer Bruce Eichner is developing the $1.8 billion Cosmopolitan his way, breaking new ground for the Strip projects in ownership, financing, size, room density, retail mix, hotel branding and condominium development.

A midmorning thunderstorm Tuesday wasn't going to deter developers of the $1.8 billion Cosmopolitan from holding the project's formal groundbreaking.

Perini Building Company has signed a construction contract with a value of approximately $1 billion with 3700 Associates, LLC to build The Cosmopolitan Resort & Casino.