Blue hotel tower on Vegas Strip sold to Koch Industries arm
LAS VEGAS (AP) — An unfinished blue-glass resort that has been under construction for 15 years on the Las Vegas Strip has been sold to a real estate affiliate of Koch Industries in partnership with the original property developer.
Koch Real Estate Investments announced Thursday it acquired the 67-story tower with Fontainebleau Development.
The hotel began construction as the Fontainebleau in 2006 and work stopped when it went bankrupt during the Great Recession.
It was renamed the Drew Las Vegas after Steven Witkoff and Miami-based investment firm New Valley LLC bought it for $600 million in 2017.
Terms of Thursday’s sale were not disclosed. The announcement said the property is 75% complete. Plans have called for about 3,800 rooms.
Koch Industries is led by billionaire political megadonor Charles Koch and Fontainebleau Development is headed by Jeffrey Soffer.
The statement did not provide details about plans for the site.
Jake Francis, president of Dallas-based Koch Real Estate Investments, said the partnership has a shared interest in growth in Las Vegas and the hospitality industry and sees the property as a great opportunity.