LAS VEGAS – November 11, 2013 – CIM Group announced today that it will celebrate the opening of Downtown Grand Las Vegas, a modern boutique hotel, casino, and entertainment destination in downtown Las Vegas on November 12. Downtown Grand features 634 hotel rooms in two towers—the 18-story Casino Tower and 25-story Grand Tower, 25,000 square feet of gaming space, and numerous bars and restaurants. A highlight of the new Downtown Grand is PICNIC, a rooftop retreat with an infinity pool, private cabanas, a fire pit, and a large, full-service restaurant and bar.
CIM Group led the redevelopment of the hotel, which is set on 6.27 acres at 3rd Street and East Ogden Avenue. Downtown Grand is a pivotal component of the resurgent 3rd Street in downtown Las Vegas, now branded as Downtown3rd, an urban dining and entertainment district steps away from the Fremont Street Experience. The property’s numerous restaurants and shops along 3rd Street create an inviting pedestrian experience and enhanced connectivity in the district. CIM leased the casino to Fifth Street Gaming, the gaming license holder.
Downtown Las Vegas has been the focus of public and private investment to create a more vibrant environment for tourists, businesses, and residents. Recent new attractions such as the Mob Museum and businesses including the corporate headquarters of Zappos have sparked additional interest and investment in the area.
CIM identified downtown Las Vegas as a qualified community that meets the firm’s strategic investment guidelines, and the acquisition of Downtown Grand is its first investment in the community. With the company’s extensive experience in public/private partnerships, CIM has worked closely with the city of Las Vegas on the revitalization of downtown, including collaborating in the creation of a Tourism Investment District to support economic growth in the area. In addition, as part of Downtown3rd, CIM partnered with the city to create a destination retail center on property surrounding the Mob Museum, located across the street from Downtown Grand. CIM recently received entitlement approvals from the city for this development, which comprises approximately 102,800 square feet of retail and conference space.