The old Fontainebleau has reverted to Fontainebleau and is expected to open by the end of 2023, developers at the resort north of the Strip said on Tuesday.
The 67-story complex, which will now be called Fontainebleau Las Vegas, will open in the fourth quarter of 2023, announced Fontainebleau Development, the company of Florida developer Jeffrey Soffer. The station is 75% complete and Fontainebleau Development will be the sole operator of the station once it is complete, the company said.
The announcement comes after the recent departure of development partner Marriott International, who confirmed in October that the hotel chain had reached “an amicable settlement” with the property’s owner. Marriott had been part of the project since early 2018, and the company’s website had called the resort JW Marriott Las Vegas Blvd.
Tuesday’s announcement also closes the loop of the project, which has been in the making for a decade and a half.
Soffer’s company unveiled plans for the complex in May 2005, with the project being built in 2007. But the economy collapsed soon after amid the collapse of the housing market, and the unfinished complex went bankrupt in 2009.
Billionaire Carl Icahn bought the property in 2010 for around $ 150 million. Seven years later, Icahn sold it for $ 600 million to Steve Witkoff and New Valley, a real estate company and subsidiary of cigarette maker The Vector Group.
Witkoff and Marriott unveiled the resort’s new name – Drew Las Vegas – in early 2018, with plans to open the resort in late 2020. But in 2020, amid the economic fallout from forced COVID-19 closures, construction of the complex was suspended once again.
And in February, Soffer’s firm, in partnership with Kansas conglomerate Koch Industries, acquired the project it unveiled 15 years ago.
“We are grateful for the opportunity to complete what we have started and finally introduce the iconic Fontainebleau brand into one of the world’s premier hotel destinations,” Soffer said in a statement. “The building is in perfect condition and we have already started construction. We are delighted to make this dream a reality.
Fontainebleau Development has retained the services of Las Vegas builder Richardson Construction to complete construction of the 25-acre resort project on the north end of the Strip, adjacent to the Las Vegas Convention Center.
“The Las Vegas tourism industry has shown incredible resilience over the past two years, and we believe our target opening date allows us to hone our vision while positioning Fontainebleau Las Vegas for success in a new era of growth and attendance, “said Brett, President of Development at Fontainebleau. Mufson said in a statement.
This is a developing story. Check back for updates.