# Deal for Cosomopolitan in Vegas falls through. Foreclosure process begins



## dougp26364 (Mar 16, 2008)

For those that own at the JC and for those Hyatt owners that were hopeful, the deal to buy out the Cosmopolitan has fallen through and the bank has begun the forclosure process. Construction is continueing despite this event. A blurb on this story can be found on Vegas Today and Tomorrow's web site at http://www.vegastodayandtomorrow.com/cosmopolitan.htm#jockey


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## timeos2 (Mar 16, 2008)

*No shock or awe*

No surprise.  It's far cheaper to buy a troubled project at bankruptcy pricing than pay the full amount that got the developer into trouble in the first place. It's almost retail vs resale but a much grander scale. 

Hope this doesn't have an impact on the estimated$22,000 per night (soon to be $33,000 I believe) value of certain units over at the Planet Hollywood Tower of Terror.  Mr Seagull might get mad!


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## EZ-ED (Mar 21, 2008)

Foreclosure could impact the parking for JC owners.


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## JeffW (Mar 21, 2008)

I'd think forecloseure could affect any agreement JC had with them.  Besides parking, wasn't pool use also mentioned?

Jeff


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## Carmel85 (Mar 21, 2008)

can you please help me understand where Hyatt and Hyatt fractional or timeshares come into this play?


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## Larry (Mar 21, 2008)

Carmel85 said:


> can you please help me understand where Hyatt and Hyatt fractional or timeshares come into this play?



It doesn't come into play under the Cosmopolitan terms Hyatt was going to be the management company for the condo hotel just as they are managing hotels all over the world. 

Now with the foreclosure who knows what will happen and it will all depend on who the new buyer turns out to be.


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## dougp26364 (Mar 21, 2008)

Larry said:


> It doesn't come into play under the Cosmopolitan terms Hyatt was going to be the management company for the condo hotel just as they are managing hotels all over the world.
> 
> Now with the foreclosure who knows what will happen and it will all depend on who the new buyer turns out to be.



Actually, Hyatt was partnering with Marathon to buy out the developement. The deal fell through and the bank decided to foreclose instead or, the bank has decided to use foreclosure as a negotiating technique to put a sense of urgancy into any discussion. It was pure speculation that Hyatt, as an owner, might turn some of the units into timeshares. Adding timeshares to the deal was never something put into play.


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## Carmel85 (Mar 21, 2008)

Doug and Larry,


Do you think Hyatt will ever do Timeshares or Fractional in this building in Las Vegas?

You both have great knowledge of this development.

Most of us that follow Hyatt are looking at Maui,Siesta Key,Northstar (lake tahoe) and NYC so I am lost on this las vegas deal.

Thank you both for all of your input.


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## dougp26364 (Mar 22, 2008)

Carmel85 said:


> Doug and Larry,
> 
> 
> Do you think Hyatt will ever do Timeshares or Fractional in this building in Las Vegas?
> ...



I don't see it happening at the Cosmo but, in Vegas anything is possible.


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## Carmel85 (Mar 22, 2008)

dougp26364 said:


> I don't see it happening at the Cosmo but, in Vegas anything is possible.



Doug,

Thank you for the input PLEASE keep us posted you are the Las Vegas contact for Hyatt for all of us.

Many Thanks


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## dougp26364 (Mar 22, 2008)

Well, now it looks like it's Starwood's turn in the barrel. Reported here http://www.vegastodayandtomorrow.com/cosmopolitan.htm#jockey on Las Vegas Today and Tomorrow is a blurb about Starwood maybe taking a shot at the Cosmo and bringing their high end W hotel to Vegas.


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## Larry (Mar 22, 2008)

dougp26364 said:


> Well, now it looks like it's Starwood's turn in the barrel. Reported here http://www.vegastodayandtomorrow.com/cosmopolitan.htm#jockey on Las Vegas Today and Tomorrow is a blurb about Starwood maybe taking a shot at the Cosmo and bringing their high end W hotel to Vegas.



Thanks Doug for the update. Hope someone like Hyatt or Starwood take over and honor the Cosmopolitan agreements with Jockey Club.


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## dougp26364 (Mar 23, 2008)

Larry said:


> Thanks Doug for the update. Hope someone like Hyatt or Starwood take over and honor the Cosmopolitan agreements with Jockey Club.




I suspect this one will take some time to straighten out. I wonder how many other interested parties are out there and how many might enter the hunt to own this prime piece of property.


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## walumb01 (Mar 24, 2008)

What kind of dough do the people put out who purchased whole units at the cosmo preconstruction.  They must be a little nervous when they go for up to a million bucks.  Are they secured creditors?


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