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In a record setting transaction, the New Frontier & Casino has been
sold for over $1.2 billion to El Ad Properties, which controls
several New York City buildings, including New York's landmark Plaza
Hotel. The El Ad Group will develop a $5 billion multi-use complex
on the Las Vegas Strip under the Plaza brand. A replica of the New
York Plaza will be built on the 34.5-acre site currently occupied by
the 964 room New Frontier Hotel, which will be demolished early next
year. Current owner, Phil Ruffin, said El Ad signed the purchase
agreement last week for the site.
The Plaza Hotel was closed in 2005 to create a high end mixed-use
property consisting of luxury condominiums, retail space and some
hotel rooms. The Las Vegas Plaza will contain a luxury hotel,
private residences and restaurants, as well as retail, convention
and gaming space. The complex will be directly across from the
Wynn Las Vegas and the Anchor, Wynn Resorts Ltd.'s newest property.
Ruffin said the deal with El Ad does not include the
seven acres on the backside of the New Frontier site which hold the
$1.2 billion Trump International Hotel & Tower. Trump is thrilled
with the purchase, and has already started a new advertising
campaign touting the Plaza development as a benefit of buying in
Trump Towers
"This is going to be a really good deal for the
(Trump) towers, and it will help them out tremendously." said
Ruffin.
Elad Group President Miki Naftali issued a statement saying the
company intends to bring the Plaza brand to other cities, including
Los Angeles, San Francisco, Washington D.C., Boston, London, Paris,
Rome, Tokyo and Shanghai.
Construction of the Las Vegas Plaza is expected to take three years,
with an official opening targeted for 2011. |
