LAS VEGAS, NV – The 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties.

Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and a massive carpark that comes in at a full seven stories.

The $75 million paid by Apple Hospitality translates to approximately $251,000 per each of the hotel’s 299 rooms.

Apple Hospitality’s President of Real Estate and Investments, Nelson Knight, said that the acquisition of Springhill Suites was part of his firm’s ongoing plan to further entrench themselves in the ever-evolving and growing tourism trade in Las Vegas, citing recent hot new editions to the city’s entertainment and sporting scenes.

Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” he said. “In addition to robust leisure demand, the hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space.”

Knight also noted that the $75 million that Apple Hospitality paid to acquire SpringHill Suites was a bargain considering the significant return on their investment that is expected.

The attractive purchase price is just under a 10.7x multiple on trailing twelve-month hotel EBITDA,” he said. “With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com

LAS VEGAS, NV – The second-oldest hotel on the Las Vegas Strip, the Tropicana, will be closed and imploded in 2024 following its partial closure in November to make way for the construction of a new home stadium for the transplanted Oakland Athletics Major League Baseball (MLB) team, signifying the loss of a major piece of Southern Nevada history in the process as the city moves on to a new year.

The Athletics’ ownership has reached a deal with the Tropicana’s operator, Bally’s Corp., and the owner of the resort casino’s underlying land, Vici Properties. In addition, the industry-leading construction firms responsible for building Allegiant Stadium – the Mortenson | McCarthy Joint Venture – have been contracted to build the MLB team’s proposed new $1.5 billion ballpark on the Las Vegas Strip.

The A’s previously announced that the firms will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, and engaging with the community.

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 33,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well.

One of the big goals is going to be flexibility for a unique seating capacity, anywhere between 30,000 to 33,000 seats,” A’s Design Director Brad Schrock said. “That really puts us in a sweet spot for a lot of other events aside from just baseball. So, we want to make sure the way that the seating bowl is designed has the flexibility to accommodate multiple events and that it’s a really fun place for fans to come and watch a game.”

The A’s are expected to play their first season in Las Vegas in 2028.

Shelter Realty Property Management specializes in the areas of  Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Christopher Boyle

Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management

www.shelterrealty.com