Posted on: July 21, 2022, 04:17h.
Last updated on: July 21, 2022, 06:21h.
The heart of the Las Vegas Strip appears headed for a major overhaul.
Approximately 15.7 acres of prime real estate on the Las Vegas Strip across from CityCenter is being targeted by two separate developers.
Billionaire Tilman Fertitta recently acquired the Travelodge and its paved parking lot, a 6.2-acre parcel, for a staggering $270 million. The Travelodge has since shuttered.
“We had a good run. 59+ years of service. This Travelodge is closed permanently,” a sign on the motel informs.
Fertitta, who owns the Golden Nugget in downtown Las Vegas and four other Golden Nuggets across the country, hasn’t yet commented on what he has planned for the former Travelodge site. But all signs suggest the Houston businessman is prepping an integrated resort project.
Fertitta’s actions might have prompted the owners of the neighboring Hawaiian Marketplace into action. They are pivoting the outdoor shopping center from primarily being known for cheap eats and gimmicky souvenirs into an upscale restaurant and retail shopping destination.
The vendors at the 80,000-square-foot Hawaiian Marketplace shuttered earlier this month. Yellow caution tape was put around the market informing pedestrians that their operations were permanently closed.
Redevelopment Details Emerge
Casino.org’s Scott Roeben, who runs Vital Vegas on Twitter, broke the news today as to what the future holds for the former Hawaiian Marketplace. The Polo Towers, a timeshare and hotel complex directly behind the marketplace east of the Strip, told its residents and guests that the marketplace will undergo a 15-month renovation.
Polo Towers residents got this note. Hawaiian Marketplace will be rebranded, thankfully, project (retail and dining) will take 15 months to complete and will be annoying. pic.twitter.com/OVGDdVNQUv
— Vital Vegas (@VitalVegas) July 21, 2022
The Polo Towers notice to guests said construction is to commence next month. The project will result in “new shopping and dining options.”
The Hawaiian Marketplace redo could extend to the neighboring Cable Center Shops, a strip mall just to the north of the Travelodge. Both Hawaiian Marketplace and the Cable Center Shops are owned by the same New York-based investment firm.
The Cable Center shops, which included tobacco, beer and wine, and souvenir outlets, also closed earlier this month.
Luxury Upgrades
The west side of the Las Vegas Strip at Hawaiian Marketplace and Cable Center Shops features some of the most luxurious properties in Southern Nevada.
MGM operates Aria and the non-gaming Vdara at CityCenter, while the Waldorf Astoria Las Vegas (formerly the Mandarin Oriental) is consistently rated as one of the nation’s most luxurious hotels. Just north of CityCenter is The Cosmopolitan, another highly rated casino resort.
The odds of the east side of the Strip becoming more luxury-focused seem strong. Roeben says Fertitta is likely not mulling a Golden Nugget on the former Travelodge grounds. “Think fancier,” he previously said.
Jeff Schaffer of Spectrum Group Management was part of the Travelodge ownership group. He says he’s “excited to see” what the future holds for the former budget-focused area of the Strip.
Prior to Resorts World opening in June 2021, the last from-the-ground-up new casino resort to open on the Strip was The Cosmopolitan back in December 2010.