Las Vegas’s mixed-use development the Cosmopolitan has now been renamed Cosmopolitan of Las Vegas after reaching a settlement with Cosmo magazine (holders of trademark rights to the Cosmopolitan name since 1957). It could change its name again though as the owners Deutsche Bank are said to be shopping around the property for sale, or operational partnership. Maybe the Cosmpolitan Hilton will be the next moniker for this stalled project.
Hearst Corporation, owners of Cosmopolitan magazine, had sued Cosmopolitan of Las Vegas owner Deutsche Bank in June 2008 over the use of the name. They were seeking a $500,000 pay day and a percentage of future profits. The details of the settlement were not revealed. This is just the latest problem to be overcome by the project which was bought by Deutsche Bank at a $1 billion price tage when New York-based Bruce Eichner’s company, 3700 Associates LLC, didn’t have the steam to complete the development. Some people have had deposits down on condos for as long as five years, but this could be a development that is worth the wait. Features include:
- A location in the heart of the Strip with two 50-story towers with some incredible views
- There will be a total of 2,995 hotel rooms and condos. These are notable for the terraces that they have, some overlooking the Bellagio fountains. High rise terraces on the strip are rare
- Three swimming pools said to be different from anything else on the Strip. In a city of hyperbole we will have to wait and see
- A wide range of gourmet dining is promised
- A 100,000-square foot casino. Apparently there are also going to be Casino Cabanas – sounds like a scene out of Hootersa
- A 50,000 square foot spa and fitness center
- A state-of-the-art convention center
With the latest court case behind it we are one step closer to seeing the Cosmopolitan reach its potential to be the destination at the heart of the Strip. Of course it has to compete with City Center, but with its terraces these condos should give MGM a run for its money. The Cosmpolitan of Las Vegas is set to be more than just another Strip condo.
