Fontainebleau Development and its investment partner Koch Real Estate Investments have secured a $2.2 billion construction loan to complete Fontainebleau Las Vegas, a 67-story gaming hotel located on the north end of the Las Vegas Strip. J.P. Morgan was the administrative agent of securing the loan. The property is scheduled to open in the fourth quarter of 2023.
The 25-acre Fontainebleau Las Vegas site is located directly adjacent to the Las Vegas Convention Center. The hotel will feature approximately 3,700 rooms, 550,000 square feet of convention and meeting space, and a collection of gaming, dining, retail and health and wellness experiences.
“We would like to thank J.P. Morgan, SMBC, Blackstone Real Estate Debt Strategies, Goldman Sachs, Guggenheim, and VICI Properties for recognizing both the potential of this property and the expertise of those involved in its capitalization, design, and construction,” said Jacob Francis, president, Koch Real Estate Investments. “Securing $2.2 billion in financing in today’s market speaks to the widespread confidence in this project, and the team that’s come together to bring it to Las Vegas.”
The partnership was advised by Dustin Stolly and Jordan Roeschlaub of Newmark. Upon completion, Bowtie Hospitality LLC, a subsidiary of Fontainebleau Development, will be the sole operator of Fontainebleau Las Vegas.