Polo Towers Las Vegas has a new neighbor

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

A press release indicates that FX Luxury has aquired from Metro Flag the property at the corner of Harmon Ave and LV Blv. S. that covers the Travel Lodge hotel, Harley Davidson Cafe south to the Smith and Wollenski's restaurant including the Hawaiian Marketplace. They plan on developing this land as multi use with a hotel and casino themed with an Elvis concept. Apparently they have not heard the heavily themed resorts are on the out in Vegas.

This purchase could affect both Polo Towers and Marriott Grand Chateau owners as the land sits directly in front of MGC and the Hawaiian Market Place is directly in front of Polo Towers. However, there are deed and height restrictions on the land in front of Polo Towers. According to my project documents, there are height restrictions and an easement that allows driving access from the strip to Polo Towers.

Personally, I doubt this project will ever see the light of day. The property was purchased in 2001 for $37,000,000 and FX Lusury just bought the 50% they did not own for $180,000,000. My bet is they'll sit on if for a few years and then flip it. Travel Lodge has a long term lease on the portion of the property they're motel sits on.


CKX's Affiliate, FX Luxury Realty, Acquires Remaining 50% of Park Central Property in Las Vegas, Now Has Complete Ownership

[fnewman Member Find all posts View Profile Close fnewman]

It will be interesting to see when and if something develops. Tearing down the items they bought would be an improvement, IMHO. I hope it will not effect Marriott and Polo too much - that is my favorite are to stay on the strip.