2024 Fall Issue of Urban Land - 55

A rendering of the
Schulman Properties
mixed-use, healthfocused
luxury hotel
project in Las Vegas'
Arts District.
Vegas Revamped: Hotel
Openings & Overhauls
Tropicana
Background: Closed after 67 years, the
Tropicana was the Strip's third-oldest casino
Transformation: Set to become a 33,000
person capacity MLB ballpark for the
relocating Oakland A's
The Mirage
Background: Opened in 1989 as the first
modern mega-resort on the Strip
Transformation: Set to become Hard Rock
Hotel by 2027 with a striking 700-foot
(213 m) guitar-shaped tower
The Fontainebleau
Background: Opened in December 2023,
after 18 years of setbacks and development
hurdles
Key Features: a 67-story luxury tower with
3,644 rooms
Amenities: Includes 550,000 square feet
(51,097 sq m) of meeting space and a
50,000 square-foot (13,935 sq m) casino
Symphony Park Hotels
Background: Part of a 61-acre (24.7 ha)
mixed-use development underway in
downtown Las Vegas
Key Features: Dual-branded AC Hotel by
Marriott & Element by Westin, with 400
rooms
Amenities: Includes 18,000 square feet
(1,672 sq m) of meeting space and
wellness-focused features
FALL 202 4
URBAN LAND
55
State of the market
After Covid-19 temporarily halted tourism, Las
Vegas seized on the rise of " revenge travel "
and the return of large-scale events.
The 2021 expansion of the Las Vegas
Convention Center-by 1.4 million square
feet (130,064 sq m)-opened just in time
for Informa Market's World of Concrete and
opened the doors for other conventions to
relaunch in the city.
" Las Vegas has shown the strongest recovery
among the top 25 U.S. markets in terms of
RevPAR [revenue per available room], outperforming
others when comparing 2024 to both
2019 and 2023, " says Kevin Davis, Americas
CEO of JLL Hotels & Hospitality.
In the first half of 2024, RevPAR in Vegas
increased by 7.5 percent compared to the
same period last year, reaching $164 per room,
driven primarily by the city's first-ever Super
Bowl week, during which sports fans increased
RevPAR by 139.9 percent compared to 2023,
according to CoStar.
Despite this success, the Vegas hotel
market softened in Q1 2024, says Amanda
Belarmino, associate professor of hospitality
at the University of Nevada, Las Vegas. " [After
the pandemic], we recovered very well and
continue to do well, but there's a noticeable
softening in consumer spending, " Belarmino
says. " The changes aren't dramatic, but we're
seeing consumers spend a little bit less money
and become more price sensitive. " UL
FEATURES
S CHULMAN PROPER TIES

2024 Fall Issue of Urban Land

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