In a city defined by mega-resorts, it
will be unlike any other. At a location centered in the heart of Las Vegas
action, it will be at the most desirable address. And, with visionary
architecture straight out of Manhattan and Miami, it will be uniquely
different. What “it” amounts to is a partnership that joins world-renowned
operational excellence and distinctive design with unmatched luxury and
style on the Las Vegas Strip. Today, 3700 Associates announced Hyatt Hotels Corporation as the operator
of their 2,700 hotel and condo-hotel residences. The partnership brings
together Hyatt’s refined Grand brand, a name and product associated with
sophistication and urbanity, with the upscale accommodations at The
Cosmopolitan Resort & Casino.

The partnership is particularly significant because it provides Hyatt its
first opportunity to showcase the internationally recognized Grand Hyatt
name in Las Vegas. The brand’s grand scale will be the perfect fit for one
of Vegas’ most luxurious mixed-use properties. “Grand Hyatt has built a
stellar, luxury reputation in such culturally rich destinations as Tokyo,
Hong Kong, Berlin, San Francisco, and Washington, D.C. which perfectly
suits Las Vegas’ new Cosmopolitan lifestyle found at our property,” said
David Friedman, President of 3700 Associates, LLC, the developer of the
$1.5 billion Cosmopolitan Resort & Casino.

“Our partnership brings together one of the world’s finest international
hotel brands with the physical and operational assets of our spectacular
mixed-use, luxury hotel, condominium, retail, entertainment, and casino
development at the center of the Strip in Las Vegas,” said Friedman.

“Hyatt’s affiliation with our project adds yet another all-star to our
dream team of industry-leading designers and architects,” said Ian Bruce
Eichner, CEO of 3700 Associates, LLC. “The hotel tower they will manage
has been designed by a forward-thinking team led by Arquitectonica, the
Freidmutter Group, Paul Duesing, and Terry Dougall, who’ve collectively
taken a bold step to fashion a project that reaches far beyond Las Vegas’
traditional horizontal approach to a visionary look and feel that’s
befitting the next century. By Las Vegas’ standards of hotel excellence it
will be without a doubt one of the foremost urban buildings and lifestyle
centers in the world,” Eichner added.

“We have developed a synergistic relationship with David Friedman and his
team at 3700 Associates, as we share a vision and the resources which will
make The Cosmopolitan the most talked-about new multi-use product in Las
Vegas,” said Steve Goldman, executive vice president of Global Hyatt
Corporation. “We look forward to bringing the Grand Hyatt product—
internationally renowned for its service, grandeur and exceptional
facilities—to Las Vegas, a city that certainly fits the Grand Hyatt
standard.”

Hyatt’s trend setting approach to operating and designing Grand Hyatt
hotels that distinctively incorporate local urban feel will help create a
lively atmosphere at Cosmopolitan Resort & Casino. The Grand Hyatt brand
name is synonymous with urbane lifestyles in cities such as Seattle in the
United States, Hong Kong in China, and Tokyo, Japan.

“We benefit not only from Hyatt’s world-recognized hotel service
excellence and its luxury brand expertise, but Hyatt’s acclaimed
management experience, its worldwide reservations system, its
industry-leading reputation among high-end leisure travelers and corporate
and incentive meeting planners, and its huge inventory of discerning
international customers which add up to a tremendous plus for our
independently-owned development,” Friedman said.

“For owners of a Cosmopolitan condo-hotel residence, the benefit of our
Hyatt partnership is tremendous,” said Friedman. “In addition to managing
the hotel component of our project, Grand Hyatt will also be available to
any condo owner who may decide to rent his unit to hotel guests or who
would like to enjoy luxury hotel services,” Friedman added.
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