Marriott International, Inc. and global development firm Witkoff have announced a plan to open a new integrated resort and casino on the site of the Fountainebleau Las Vegas project, the construction of which was halted by the 2009 recession.
The property, named The Drew Las Vegas, will be located at 2755 Las Vegas Boulevard South, in close proximity to the Las Vegas Convention Center, which is currently undergoing a $1.4 billion renovation.
The resort will debut Marriott’s EDITION brand in Las Vegas and include The Strip’s first JW Marriott. It will offer nearly 4,000 rooms and suites as well as more than 500,000 square feet of convention and meeting space. Once open, the hotels will be managed by Marriott International.
“The Drew Las Vegas will become a landmark property for Marriott International,” said Tony Capuano, executive vice-president and global chief development officer, Marriott International. “The resort will give our more than 100 million loyalty members the chance to enjoy our brand of hospitality in one of the most exciting and popular cities in the world, whether the visit is for a convention or a leisure trip.”
“With Marriott International, we have the opportunity to leverage the world’s most powerful group and convention pipeline as well as an unmatched loyalty program to ensure we unlock the unparalleled value of this asset,” said Witkoff chairman and chief executive officer Steven Witkoff. “This acquisition, made in partnership with New Valley LLC, is a well-designed, structurally-sound project with a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts.”
Two Blackbirds Hospitality, led by hotelier and former Cosmopolitan CEO John Unwin, will oversee the launch and operations of The Drew Las Vegas.