I just received a FEDEX package today with my reservation deposit refund check and a letter from the Edge-Star Residential LLC regarding the demise of the W Las Vegas resort www.wlasvegas.com. An excerpt from the letter follows:
"Re: Cancellation of the W Las Vegas Residences Project
Thank you for your interest in the proposed W Las Vegas Residences project. We have all been working diligently since late 2004 to move the project forward, but conditions in the Las Vegas area have become quite challenging for developers. Construction costs and financing requirements have grown considerably as we have pursued the development of this project, and it has become extremely difficult to successfully get the costs under control in order to make a proposed project such as ours feasible. As you are likely aware, many proposed projects in Las Vegas are either going on "hold" or being canceled.
We appreciate your patience as we have attempted to deal with these issues. Unfortunately, after thorough analysis and discussion, we have decided to cancel the proposed W Las Vegas Residences project. Our contractual license to develop the W Las Vegas expires on May 18, 2007. This letter serves as official notice of cancellation of the proposed project and written notice of termination with respect to the W Las Vegas Residences Reservation Agreement(s) you executed (the "Reservation Agreement(s)") as well as the reservation(s) you had with respect to the proposed project. As stated in the Reservation Agreement, the agreement may be terminated at any time either by you or by us. We enclose a check constituting the amount of the reservation deposit(s) you provided under the Reservation Agreement(s), as well as interest on the deposit p to and through May 4, 2007.
We know that you, like us, are disappointed. We understand your disappointment, as we sincerely wanted this project to move forward and become a reality. We regret that several years of hard work by a talented team could not overcome the significant financial factors that are present right now in this area."
That's it, it's over. Personally, I was looking forward to owning a piece of such a trendy/hip establishment, but it wasn't meant to be. I wonder what will happen now to other projects that are either on the way or just about to start (the ones that come to mind are the Cosmopolitan and the new Trump Tower). Guess we'll find out soon enough.
Mike
CondoHotel Forums
http://www.condohotelforums.com/article.php/2007051113060882