When people think of Las Vegas, they typically envision the bright lights of the Las Vegas Strip. The Las Vegas Strip is home to 19 of the 20 largest hotels in the world, with over 150,000 hotel rooms and occupancy rates hovering around 95%.
In 2015, Las Vegas welcomed 43,000,000 tourists and business travelers attending the 21,300 conferences and conventions. The mix of business and tourism keeps Las Vegas filled year-round, even when the summer temperatures eclipse 100 degrees.
Las Vegas Strip condominiums come in all shapes and sizes, even in different ownership structures such as the traditional fee-simple ownership, as well as the Condotel, a combination of a condominium and a hotel room. The Condotel can be easily added into the hotel’s rental pool to quickly generate rental income for the owner.
The high rise condo building boom really began when the four towers at Turnberry Place started construction in 2000, and boomed for the next seven years. The completion of City Center and the introduction of the two leaning Veer Towers, as well as the Mandarin Oriental, showed that rumors of the demise of the Vegas condo market were premature and overstated.
These days many of the hotels have their own condo towers that share access to the resort common areas, yet maintain the privacy of their own towers, such as Palms Place, the Residences at MGM Grand, and City Center, to name a few.
The Strip Communities:
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