At a glance
- The subsidiary bought the roughly 235,700-square-foot parcel at 4000 Paradise Road, about two kilometers from the Strip and between Harry Reid International Airport and the Las Vegas Convention Center; the seller and purchase price were not disclosed.
- The site will be developed as the tentative Las Vegas 4000 Paradise Hotel Project, with construction expected to begin in summer 2028, completion scheduled for fall or winter 2029, and an opening targeted for spring 2030.
- The acquisition follows Kasumigaseki's first U.S. hotel development in Miami, announced earlier this year, and the company says it plans to continue pursuing U.S. hotel development as part of its overseas growth strategy.
Tokyo-listed real estate developer Kasumigaseki Capital has acquired a Las Vegas hotel site through its U.S. subsidiary, Kasumigaseki Nevada LLC, IREI reported. The subsidiary bought the roughly 235,700-square-foot parcel at 4000 Paradise Road, about two kilometers from the Strip and between Harry Reid International Airport and the Las Vegas Convention Center; the seller and purchase price were not disclosed.
The site will be developed as the tentative Las Vegas 4000 Paradise Hotel Project, with construction expected to begin in summer 2028, completion scheduled for fall or winter 2029, and an opening targeted for spring 2030. That long runway means the project's economics will be decided by the Las Vegas demand environment at the end of the decade.
The acquisition follows Kasumigaseki's first U.S. hotel development in Miami, announced earlier this year, and the company says it plans to continue pursuing U.S. hotel development as part of its overseas growth strategy. Sitting between the airport and the convention center, the site tilts the underwriting toward business and convention travel over the Strip's leisure base. That is a patient-capital trade, with Miami as the first of more.
Reported by the Deals desk from Institutional Real Estate, Inc.. Published . Corrections