Strip’s vaunted condo-hotels losing their luster [Las Vegas]
Like some Vegas act that landed with big expectations but is struggling to gain traction, condo-hotels are having a tough time on the Strip.
When they made their appearance here, these hotel-affiliated condominiums that can be rented by their owners as hotel rooms were pitched as a way for mom and pop investors to own a piece of the Strip and for developers to use those purchases to help finance their high-rises.
Everyone was going to be a winner as the value of Strip real estate soared.
But the bloom is off. The market has chilled, buyers are largely evaporating, banks are reluctant to finance the purchases or lend money for new projects because of slackening demand, and developers are questioning the wisdom of the condo hotel concept.