Shopoff Realty Investments Launches its First Qualified Opportunity Zone Fund - Shopoff DLV QOZ, For the Development of the Dream Las Vegas Hotel
IRVINE, Calif., Nov. 4, 2020 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff"), a national manager of opportunistic and value-add real estate investments, announced today that the company has launched its first-ever Qualified Opportunity Zone (QOZ) fund, Shopoff DLV QOZ. With a maximum capital raise of $200 million, Shopoff DLV QOZ will provide the equity for construction of the brand-new $545 million Dream Las Vegas hotel on the Las Vegas Strip.
"This is a very unique QOZ fund offering, in fact, we believe there are no other QOZ offerings that are for hotels on the Las Vegas strip at the caliber of the Dream Hotels brand," explained Shopoff Realty Investments President and CEO William Shopoff. "Further, there is a very limited chance that another development of this kind will be constructed in the near future, making this a very exciting opportunity for the marketplace."
Located in a Qualified Opportunity Zone ("QOZ"), the project will provide potentially advantageous tax benefits to prospective investors, through the potential opportunity to defer and reduce capital gains for federal income tax purposes pursuant to an investment in a QOZ. The partnership is expected to hold the project for 10 years to realize the full benefits of the QOZ. The Fund will close for investment on June 30, 2021, but may be extended.
Renowned hotel brand and management company Dream Hotel Group has signed on as operator and manager of the hotel upon completion. With 16 hotels open today and an additional 35 locations in various stages of development worldwide, Dream Hotel Group is one of the fastest growing independent lifestyle hotel companies in the world. Dream Las Vegas will be a flagship property for its namesake lifestyle brand Dream Hotels.
"With Contour as our co-developer, we have assembled a stellar team of professionals for this project, including world renowned contractor, McCarthy Building Companies, who just completed the Allegiant Stadium project, home of the Las Vegas Raiders, located less than one mile from the site of Dream Las Vegas," Shopoff added. "In addition to McCarthy, we also have DLR Group designing the project, and industry veteran Bill Smith who joined Shopoff as SVP Design & Construction in 2020, leading the project construction, leaning on his extensive global hotel experience."
Shopoff and Contour anticipate breaking ground on the hotel in the third quarter of 2021 and are currently finalizing the design and securing key project approvals with Clark County. When complete, the luxury lifestyle hotel will include 450 guest rooms branded and managed by Dream Hotel Group, including inventive dining and nightlife options that include Nashville's celebrated Stateside Kitchen, an idyllic Tulum-style pool and day club, an open format resort pool, multiple experiential retail venues and a full-service spa with studio fitness, as well as 42,000 square feet of gaming. Award-winning interior design firms Rockwell Group, and AvroKo, are set to design the project interiors. The project is expected to be complete in late 2023.
The property is located less than one mile from Mandalay Bay Resort, and also provides convenient access to McCarran International Airport, adjacent to the Signature private aviation terminal. In addition, the hotel is well located near other notable attractions, including the new Allegiant Stadium (home to the National Football League's Las Vegas Raiders), the T-Mobile Arena (home to the National Hockey League's Las Vegas Golden Knights) as well as numerous hotels and casinos along the Las Vegas Strip.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 28-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Dream Hotel Group
Dream Hotel Group is a hotel brand and management company with a rich, 30-year history of managing properties in some of the world's most highly competitive hotel environments, including New York, Los Angeles, Miami, Bangkok and most recently Nashville. Home to its Dream Hotels, Time Hotels, The Chatwal, Unscripted Hotels and By Dream Hotel Group brands, Dream Hotel Group encompasses three business lines: Proprietary Brands, Hotel Management, and Dining & Nightlife. The company is committed to the philosophy that forward-thinking design, service and guest experiences should be available across all market segments. Dream Hotel Group is dedicated to offering travelers an authentic connection to their chosen destination through a truly original approach. For more information, visit www.dreamhotelgroup.com and follow @dreamhotelgroup on Twitter.
Disclosures
This is not an offering to buy or sell any securities. Such offer may only be made through the offering's memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
Contact: Jill Swartz
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SOURCE Shopoff Realty Investments
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