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Blue hotel tower on Vegas Strip sold to Koch Industries arm Follow Us Question of the Day By - Associated Press - Friday, February 12, 2021 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. TOP STORIES 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. ....
Unfinished Fontainebleau-Drew project is not a solution to the Las Vegas Strip’s troubles By Howard Stutz, Executive Editor, CDC Gaming Reports February 13, 2021 at 5:00 am I have one question for Koch Real Estate Investments, the fourth owner of the unfinished Fontainebleau-Drew project, a hulking eyesore on the northern end of the Las Vegas Strip. Do they know a good demolition expert? The company, the Dallas-based real estate arm of the politically uber-powerful Koch Industries, said in a statement late Thursday it acquired the development, which sits on 24 acres between the recently completed expansion of the Las Vegas Convention Center and an empty 27-acre parcel for a planned, but financially unattainable, sports arena. ....