The Elad Group, owner of the Plaza Hotel, has purchased the last available prime parcel on the Las Vegas Strip where it will develop a $5 billion multi-use ultra-luxury hotel, private residence, retail and gaming complex bearing The Plaza brand. The announcement was made by Miki Naftali, Elad’s president.

The 34.5 acre site is currently occupied by The New Frontier & Casino which will be demolished to make way for the new Las Vegas Plaza.

“We are delighted to enter the Las Vegas market and introduce the highest level of luxury and sophistication as defined by The Plaza worldwide,” said Mr. Naftali. “Though planning is in the early stages, The Plaza in Las Vegas will introduce the classical elegance and grandeur of the storied New York landmark to The Strip. We look forward to being part of a community with some of the most prestigious, dynamic and visionary developments anywhere,” he said.

The site is directly across from the Wynn Las Vegas and Wynn’s newest development, the Anchor, and will build on the concept that unparalleled luxury and service represent the new standard rather than theme park attractions.

The Plaza in Las Vegas plans to feature a six-diamond hotel, private residences, the Plaza Retail Collection, a state-of-the-art casino, destination restaurants and spectacular convention space.

Demolition is slated to begin early next year. Construction is anticipated to take three years, with an official opening slated for 2011.

“There is only one original Plaza, and that will never change, but all that the brand stands for in terms of style, service and luxury will be intrinsic to the Plaza Las Vegas,” Mr. Naftali said. “We also look forward to bringing the Plaza brand to other destination cities in the near future, such as Los Angeles, San Francisco, Washington, D.C, Boston, London, Paris, Rome, Tokyo and Shanghai,” he said.
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