MARRIOTT & FONTAINEBLEAU CUT TIES

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60 STORY $ BILLION HOTEL ON HOLD..

               The towering 60 story unfinished hotel originally known as the Fontainebleau, has come to a halt again.

               Marriott International has cut ties with the unfinished former Fontainebleau, a long-stalled project on the Strip that changed hands early this year.
               The Marriott hotel chain “recently reached an amicable settlement with the hotel’s owner that has resulted in Marriott exiting the project.”
               Marriott had been part of the project since early 2018. As recently as this summer, its website stated that the megaresort, which it called the JW Marriott Las Vegas Blvd., would open in October 2023.
               Its departure is the latest twist for a 60-plus-story, multibillion-dollar project that has come under new ownership three times in the past decade and still never opened — leaving a towering reminder of Las Vegas’ mid-2000s real estate frenzy, the devastating crash that followed, and, more recently, the pandemic’s severe spillover effects.
               Florida developer Jeffrey Soffer’s firm Fontainebleau Development, which acquired the property in February, stated that it will move forward with the project in Las Vegas, we feel it is important to make clear that, upon opening, the hotel will be managed and operated by Fontainebleau Development. The announcement by Fontainebleau Development It noted that the Marriott agreement with Marriott International was made with the building’s previous owner.

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