Witkoff, Together with New Valley LLC, Acquires “Undervalued” Las Vegas Hotel, Formerly Known as the Fountainbleau, for $600 Million.
NEW YORK-August 30, 2017-Witkoff, a global real estate development and investment firm, together with New Valley LLC, an investment company owned by Vector Group, today announced that they have acquired the significantly undervalued resort hotel located at 2755 Las Vegas Boulevard South in Las Vegas (formerly known as the Fountainbleau), for $600 million.
The acquisition, which was acquired at a substantial discount to replacement cost, a core part of Witkoff’s investment strategy, marks the Company’s foray into the supply-constrained and fundamentally strong Las Vegas market. Witkoff spent four months conducting its due diligence on the resort and market prior to the acquisition, and has identified numerous ways to unlock the significant underlying value of the property to generate strong returns for its business and the Las Vegas community. Read the full article here..
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