The first tower of The Residences at MGM Grand has opened its doors and home-owners of the fully-furnished suites are enjoying their view of the Las Vegas Strip from the city's first condominium-hotel property.
The joint venture between Turnberry Ltd. and MGM Mirage combines the exclusivity of a condominium community and the resort hotel's amenities.
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As each tower is sold out, it will be turned over and operated as a luxury hotel as part of the MGM Mirage Portfolio, and renamed The Signature at MGM Grand.
The second and third 40-story towers are under construction with completion of the second slated for the end of the year, and the third on track for a mid-2007 completion. Sales began in early 2004, with less than 100 of the 1,727 residences remaining to date. Total sales have surpassed more than $1.2 billion.
"Few knew what a condominium-hotel was when we introduced the concept to Las Vegas in 2003, and there were skeptics, just as there were with our first Las Vegas high-rise condominium community Turnberry Place," said Bruce Weiner, president/chief operating officer of Turnberry, Ltd. "Today, The Residences is almost sold out and our success has prompted other Las Vegas hotel companies to develop their own versions of a condominium-hotel."
Situated on the northeast end of the hotel's 116-acre property, The Residences features its own private, gated entryway, and an enclosed moving walkway between each tower and the hotel. Prices range from $650,000 to more than $2.5 million.
Fully furnished junior, one- and two-bedroom suites are available and come with crown moldings, raised-panel wood doors, granite countertops, imported Italian kitchen cabinetry and private owners' closets. Amenities include Sub-Zero refrigerator, Miele appliances, Jacuzzi tubs, and flat-screen HDTVs.
Residents will have access to the hotel's amenities, including its outdoor pool complex with five swimming pools and private cabanas, the Grand Spa with 30 treatment rooms, a variety of signature restaurants.
Each of the three towers will feature 24-hour front desk and concierge services, in-suite dining, fitness centers, swimming pool complexes and a guarded security entrance.
The sales center, located inside the hotel's Studio Walk, is open daily from 9 a.m. to 7 p.m. daily. For more information, call 888-891-1688 or visit www.mgmgrandresidences.com.
