The Downtown Grand, a 1,124-room hotel-casino located just north of the Fremont Street pedestrian mall, is now on the market, looking for prospective buyers, the Las Vegas Review-Journal reported. Owned by real estate investment firm CIM Group and operated by Fifth Street Gaming, the property’s sale is being facilitated by New York-based firm Berkadia.
As of now, neither Fifth Street Gaming nor the property’s agent have responded to local media requests for comments regarding the sale. The listing price for the property has not been disclosed.
Downtown Grand originally opened its doors in October 2013, revitalizing the former Lady Luck casino site situated at Third Street and Ogden Avenue after years of closure. CIM Group acquired the property in 2007 and invested over $200 million in acquiring and renovating the building over several years.
The hotel expanded further in 2020 with the addition of a third tower, making it one of the largest hotels in the downtown area.
A report from the Vital Vegas blog suggests that CIM Group is seeking $180 million for the property, with discussions reportedly underway for four offers nearing $100 million.
Along with managing the operations of Downtown Grand, Fifth Street Gaming also runs other Las Vegas venues like Gold Spike, Siegel Slots & Suites, Lucky Club, Silver Nugget, and Ojos Locos Sports Cantina and Casino in North Las Vegas.
The history of the site dates back to 1961 when it hosted a newsstand and barber shop known as Honest John’s in what was then the Ogden Square Shopping Center. In 1964, Andy Tompkins transformed the space into a casino, later rebranded as Lady Luck in 1968. The casino underwent expansions in 1979 and saw the addition of hotel towers in 1986 and 1989.
In 2000, Isle of Capri Casinos purchased Lady Luck for a reported $258 million. Following a brief closure for remodeling in 2006, CIM Group acquired the property in 2007, marking the beginning of significant renovations that culminated in the recent expansion.
Original article: https://www.yogonet.com/international/noticias/2024/07/12/73103-downtown-grand-hotelcasino-in-las-vegas-hits-the-market-for-prospective-buyers
