Dealmaker: Fontainebleau Las Vegas Secures $2.2B in Construction Financing
(Fontainebleau Las Vegas illustration.)
A partnership between Fontainebleau Development, Aventura, Fla., and Koch Real Estate Investments, Dallas, secured a $2.2 billion construction loan to complete 67-story hotel and casino Fontainebleau Las Vegas.
Dustin Stolly and Jordan Roeschlaub of Newmark, New York, advised the partnership on the transaction. J.P. Morgan, New York, served as administrative agent. SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim and VICI Properties contributed to the financing.
Located at 2777 S. Las Vegas Blvd., Fontainebleau Las Vegas will span 25 acres and include nine million square feet of space on the northern end of the Las Vegas Strip adjacent to the Las Vegas Convention Center. The asset will include nearly 3,700 hotel rooms and 550,000 square feet of convention space as well as a casino.
The joint venture acquired the site in 2021 and plans to open the property in late 2023. Upon completion, Fontainebleau Development Bowtie Hospitality LLC will operate Fontainebleau Las Vegas.