Borrower requested a $104M loan to complete the construction of a 284-key “upper upscale” business hotel under the Delta Hotel flag by Marriott. The hotel project is It is approximately ¾ mile from the Vegas Strip just off Interstate-15. Delta Hotels by Marriott is the final phase of the borrower’s 8.6-acre multi-purpose development, which began in 2017. Moreover, The multimillion-dollar project also includes 27,000 sq. ft. of retail and restaurant space. Delta Hotel will appeal to convention goers and tourists who don’t want the full casino gaming experience.
Clark County commissioner for District-A, Michael Naft, says the Delta Hotel is going to beautify the area and diversify the economy. Naft believes it is important to have options for everybody and wants everyone to feel comfortable in Clark County and Southern Nevada. Having non-gaming options is of course part of that puzzle.
As Las Vegas’ first Delta Hotel, the high-end, 24-floor non-gaming hotel will offer tourists and convention guests a full-service, functional experience through approximately 10,000 square feet of meeting space and approximately 1,600 square feet of retail space, along with convenient amenities including a rooftop pool, fitness center, covered parking, lobby dining bar and coffee bar.
The Hospitality Market is well on its way to a full recovery after the pandemic and lockdowns of 2020. Gaming revenue has already surpassed 2019 levels and total taxable sales are nearly 90% of what they were in 2019. Las Vegas has no COVID restrictions on travelers and no restrictions pertaining to capacity limits or large gatherings. Along with the continuing increase in convention business, Southern Nevada should make a full recovery by the end of 2022 – some Wall Street analysts predict the return to pre-COVID hospitality levels as soon as July 2022. For more information Contact us