He neither confirmed nor denied the transaction and noted that his group hasn’t sold the site. Spectrum Group Management managing partner Jeff Schaffer, whose New York firm currently owns the property with other investors, declined to comment. It could also lead to a ground-up project by Fertitta on Las Vegas Boulevard - an ultra-competitive tourist corridor that regularly sees fresh development plans, albeit with a mixed record of projects actually getting built.įertitta and his listed media contacts did not respond to requests for comment. The property also is across from the flashy Cit圜enter complex - home of the Aria, Vdara and Waldorf Astoria Las Vegas hotels, luxury mall Shops at Crystals and condo complex Veer Towers.įertitta is expected to close the purchase within the next few months, according to one source, who, like others, was granted anonymity to discuss a transaction that hasn’t been finalized and that the buyer and seller haven’t publicly announced.įertitta - who is a cousin of brothers Lorenzo and Frank Fertitta III, CEO of Station Casinos parent company Red Rock Resorts - owns the Golden Nugget in downtown Las Vegas, though a purchase on the Strip would give him a foothold in the heart of America’s casino capital. It currently features retail and restaurant space and a Travelodge motel. The site, at the southeast corner of Las Vegas Boulevard and Harmon Avenue, spans about 6 acres, and sources said Fertitta is acquiring the spread for more than $200 million. Houston billionaire Tilman Fertitta is in the process of acquiring property on the Strip and plans to develop an upscale hotel, according to people familiar with the matter, raising the prospect of a new resort in the casino corridor by a high-profile mogul.
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