Interstate Hotels & Resorts has been selected to manage the 1,100-unit Pinnacle Condominium Resort in Las Vegas. The twin-tower, 36-story structure, currently in pre-sale, is expected to break ground in the fall of 2006 and open in the second quarter of 2009. The resort may offer its condominium owners the opportunity to place their units in a rental arrangement. The $850 million condo resort project is being developed by The Falcon Group, which also owns the land.
“We have significant experience in the condominium hotel niche and are well versed in the operation of these complex, lifestyle destination resorts that have a mix of resident owners, vacation and second residence owners and resort guests,” said Thomas F. Hewitt, Interstate’s chief executive officer. “As a current operator of condo hotels, we fully understand the service, operations and marketing aspects of these unique projects.”
Situated on 12 acres off Las Vegas’ West Strip, Pinnacle will be an architecturally unique “vertical neighborhood,” consisting of two curvilinear, 36-story condominium resort towers connected by three “Sky Bridge” suites, ultra-luxurious two-story, glass-clad residences, each with their own rooftop gardens and panoramic views. In addition to the 1,100 residences, the luxury development will feature a three-acre amenity pool deck on the sixth floor that includes a pool with island; poolside snack bar; private cabanas; lounge with full bar, dining, banquet and meeting space; one-quarter-mile jogging track; movie theater; fully equipped health and fitness center; and full-service spa. The hotel will offer multiple food and beverage outlets, as well as a gourmet market and coffee bar and ground-floor retail and executive office space.
“While we have owned the land for years, we believe that now is the right time to develop this unique project,” said Michael Bellon, development director of Pinnacle and a partner of the Falcon Group, a consortium of Pennsylvania and Las Vegas-based businessmen. “We realize that this is a very complex undertaking, and we sought out an experienced operator that has a proven track record in this very specialized segment. Interstate has the size and scale that translates into strong operational management and synergies in such areas as marketing and purchasing. Perhaps more important, we believe they have the ability to transform this project into a one-of-a-kind lifestyle destination.”