The Rita Suites, a cash flowing 221-room hotel on a large 2.95-acre site, presents a rare opportunity to own a piece of the Las Vegas skyline. Located one-block off of the Las Vegas “Strip”, and at the doorsteps of some of the newest mega resorts and the $2.3BB Las Vegas Convention Center District expansion, this property is poised to take full advantage of the “uptick’ in the Las Vegas tourism/gaming market. In addition, the Las Vegas Convention and Visitors Authority has indicated that the convention center expansion project, just 1,500 feet from The Rita Suites, will create 6,000 construction jobs and take 5 – 6 years to complete. More construction jobs are planned at nearby mega Strip resorts, Alon Las Vegas and Genting Group’s Resorts World Las Vegas. This influx of neighboring jobs should bolster the occupancy at The Rita Suites while also boosting its already significant bottom line.
Positioned with Las Vegas Strip visibility and access, but priced at a fraction of “on-Strip” land, The Rita Suites is one of the few existing re-development sites in the area. In 2007, the property received height and redevelopment approvals for a variety of retail, condominium, hospitality and gaming uses. These approvals included two, 40-story towers, with over 590 rooms and 420’ height clearance (requires updated application).
This offering provides an easy entry into a very high-barrier-to-entry market. The existing hotel is unencumbered by management or franchise agreements. The property offers its guests all the typical amenities of an all-suite hotel, while offering the savvy investor or developer the potential to redevelop the site. Cash flowing nicely while at 55% occupancy, a boost in operational occupancy offers significant upside to the experienced operator.
For more information and an investment review, please contact Mike Mixer
