Marriott Plans Las Vegas Resort
Ex-Fontainebleau development to debut as The Drew in 2020
The mothballed Fontainebleau in Las Vegas is set to open as The Drew in late 2020. Marriott Intl. Inc. and developer Witkoff jointly announced the integrated resort and casino will include the first EDITION hotel in the city, along with The Strip’s first JW Marriott. In all, the property will feature nearly 4,000 guest rooms and suites and more than 500,000 sq. ft. of convention and meeting space.
As previously reported, the property originally slated to operate as the Vegas outpost of Miami Beach’s famed Fontainebleau was bought last August by The Witkoff Group LLC and New Valley LLC for $600 million. The seller was investor Carl Icahn, who bought the partially completed property for about $148 million in 2010, a year after work on the 60-plus story project had halted.
Two Blackbirds Hospitality, led by hotelier and former Cosmopolitan ceo John Unwin, will oversee the launch and operations of The Drew Las Vegas. Once open, the property will be managed by Marriott Intl.
“The Drew Las Vegas will become a landmark property for Marriott Intl.,” says Tony Capuano, the hotelier’s executive vice president and global chief development officer. “The resort will give our more than 100 million loyalty members the chance to enjoy our brand of hospitality in one of the most exciting and popular cities in the world, whether the visit is for a convention or a leisure trip.”
Witkoff chairman and ceo Steven Witkoff added: “With Marriott Intl., we have the opportunity to leverage the world’s most powerful group and convention pipeline as well as an unmatched loyalty program to ensure we unlock the unparalleled value of this asset. This acquisition, made in partnership with New Valley LLC, is a well-designed, structurally sound project with a significant discount to both replacement cost and the implied public market valuations of comparable Las Vegas Strip resorts.”