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2/24/20
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A JV partnership between Contour and Shopoff Realty Investments has acquired an unentitled, 5.25-acre parcel of land situated on the Las Vegas strip on behalf of a JV partnership between Contour and Shopoff Realty Investments. The transaction was financed with a $15.575 mil loan arranged by Nova Capital and provided by one of Canada’s largest real estate funds.
The land, which is ideally located in a Qualified Opportunity Zone only 1.5 miles from the new Raiders Stadium in the thriving Las Vegas Resort Corridor, is planned to serve as the new site for a ground-up 450-room luxury boutique hotel development.
“This was a rare opportunity to harness the momentum of the Vegas market by investing in a prime location that will yield tremendous future growth,” says Steven Yazdani, Managing Director and Founder of Nova Capital. “Both Shopoff and Contour immediately recognized the value in this land, which should directly benefit from the new $1.8 bil Raiders stadium, as well as continued hospitality growth in the region. Las Vegas remains one of the country’s premier tourist destinations with more than 35 million visitors in 2019 and an average room occupancy of 90%.”
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