
Robin Leach: Luxe Life
What's your story? If you are a celebrity in Vegas, Robin Leach wants to know.
May 29, 2008 · 12:01 AM
In related news, on-the-rocks Cosmopolitan focus of sale chatter
By Robin Leach
The Cosmopolitan, shown under construction in 2006, is said to become the W Hotel.
Photo: Sam Morris
In a strong vote of confidence about the future of condo-hotels on the Strip, it is believed the troubled Cosmopolitan project adjacent to MGM's City Center is to be sold to New York-headquartered Related Companies. I've been told by highly reliable sources that a chic W Hotel will replace the plans there for a Grand Hyatt Hotel-managed facility. Miami and New York real estate developer Bruce Eichner apparently relinquished control of the building, which is now under construction, to Wall Street's Deutscher Bank when he was unable to secure an additional $400 million equity-loan investment. Now Luxe Life has been informed exclusively that tycoon Steve Ross, who owns Time Warner Center and Related Companies, has apparently agreed to purchase the Cosmopolitan project -- and partner with the Los Angeles-based partnership that originally planned the initial W Hotel project for Harmon Avenue that also fell victim to the current poor economic climate. Miami and New York real estate developer Bruce Eichner apparently relinquished control of the building, which is now under construction, to Wall Street's Deutscher Bank when he was unable to secure an additional $400 million equity-loan investment. Now Luxe Life has been informed exclusively that tycoon Steve Ross, who owns Time Warner Center and Related Companies, has apparently agreed to purchase the Cosmopolitan project -- and partner with the Los Angeles-based partnership that originally planned the initial W Hotel project for Harmon Avenue that also fell victim to the current poor economic climate. I'm told that Grimaldi's Pizza will be the only retailer kept from the original Cosmopolitan stores and restaurant lineup, and that old deals with all the other potential stores will be renogotiated or ended. Construction on the hotel towers has continued since Deutscher took over by paying the builder directly -- and plans now call for the W Hotel to open there by fall of 2010. The Related Company owned by Ross also owns an independent Related subsidiary, which partnered with Centra Properties of Las Vegas and investors George Clooney, Rande Gerber and Brad Pitt for the Las Ramblas resort casino complex on Harmon that also was canceled. No financial details concerning the Related & Cosmopolitan transaction have been revealed yet. In another surprising real estate development, I have also learned that Pure Management Group, the subject of an ongoing IRS investigation at its Pure (Caesars Palace) and LAX (Luxor) nightclubs, has purchased its first off-Strip property -- at the expensive, luxurious Queensridge development in Summerlin. Reliable sources have told me that PMG plans to put a 3,000-square-foot outdoor deck to good use as part of a new martini lounge bar and casual restaurant, similar to the new Blue Martini at Town Square. Luxe Life will continue to monitor this developing stories.More
-
Friday
2008-08-29
Bill Engvall performs a stand-up routine at Treasure Island
Comedy
-
Friday
2008-08-29
3 Doors Down perform live with Staind and Hinder
The Strip
-
Friday
2008-08-29
The Strip
- More ›
-
Saturday
2008-08-30
Ice Cube performs at a late show at the HOB
The Strip
-
Saturday
2008-08-30
New York New York's newest club opens its doors Labor Day weekend
Xania's Hot Spots
-
Saturday
2008-08-30
Comedian Chris Rock takes his stand up to Caesars Palace
Comedy
- More ›
-
Sunday
2008-08-31
'90s rockers take over the House of Blues
The Strip
-
Sunday
2008-08-31
Xania's Hot Spots
Saloon Door Slammer and Diablo Dimes at the Beatles Revolution Lounge
-
Sunday
2008-08-31
Comedy
- More ›
-
Monday
2008-09-01
Iconic singer Bob Dylan brings his live show to Las Vegas
Central
-
Monday
2008-09-01
Xania's Hot Spots
-
Monday
2008-09-01
DJ Chris Adams spins commercial dance, house and hip-hop
Top 40
- More ›
-
Tuesday
2008-09-02
From Russia with lust
Xania's Hot Spots
-
Tuesday
2008-09-02
Las Vegas Weekly
-
Tuesday
2008-09-02
Hot lesbian hangout, for girls who like girls and free for locals
The Strip
- More ›
-
Thursday
2008-09-04
Theater
-
Thursday
2008-09-04
Dine, drink, dance... get leid!
Xania's Hot Spots
-
Thursday
2008-09-04
Dance performance
- More ›
Most Popular
- Most Read
- Discussed
- E-mailed
Cocktail of the Week
Aug 21, 2008
by
Xania Woodman
Tasmanian Rain
Anyone who says that water is water is water is lying to himself and is sadly missing out on a great beverage pleasure. The velvety soft, pleasant mouth-feel of Tasmanian ...
Read more...

2 Comments So Far
.
Posted by: mhuntsinger on 6/3/08 at 8:50 a.m.
Any update on this story? It sounded like an official announcement was due a day or two after this was posted.. Other Cosmo LV owners want to know!
Posted by: rukiddin on 6/23/08 at 9:12 a.m.
Commenting requires registration.
Comments are moderated by Las Vegas Weekly editors. Our goal is not to limit the discussion, but rather to elevate it. Comments should be relevant and contain no abusive language. Full comments policy.