Construction of third tower brings down ownership of Downtown Grand
Downtown Grand hotel-casino will soon be up for sale in Las Vegas after its owners defaulted on a $90m construction loan.
According to Clark County District Court records, the casino has been functioning via a court-appointed receiver since January, when it was placed into receivership at the request of Banc of California, the lender on the Downtown Grand loan.
The receiver, Paul Huygens of Henderson-based Province, has now kick-started attempts to offload the hotel-casino in downtown Las Vegas.
Located on 3rd Street between Ogden and Stewart, Downtown Grand encompasses an entire urban block of hotel, casino and dining amenities. With its third hotel tower under construction and set to open in 2020, the property currently features an 18-story and 25-story tower adjoined by a walking bridge elevated over 3rd Street, with 629 guest rooms and suites offering luxury accommodations that set a new standard for sophistication and style in downtown Las Vegas. Downtown Grand’s casino offerings include 25,000 square feet of gaming space with slots, table games and a fully featured sports book powered by William Hill. Restaurants, bars and entertainment options include Freedom Beat, Furnace Bar, Art Bar, Sidebar, The Fremont Room, and the award-winning Las Vegas steakhouse Triple George Grill. Partnering venues include the famous Hogs & Heifers saloon and Pizza Rock, renowned as one of the best pizza restaurants in the city. Downtown Grand features Citrus Grand Pool Deck, a rooftop pool experience with more than 35,000 square feet of entertainment and special event space, an infinity pool, restaurant and bar, semi-private cabanas, a fire pit and a grass seating area.
Court documents show that several ownership entities secured an $82.5m loan in 2019 to fund the construction of a new hotel tower. The loan amount went up by $7.5m in August 2020. This, third hotel tower, called the Gallery Tower added 495 new rooms to the property, bringing its total inventory to 1,124 rooms. The 3rd tower will also offer guests a range of premier room options, including 67 studio units, 20 one-bedroom suites and three 1,500-square-feet Presidential Suites.
Banc of California took legal action against the Downtown Grand on Dec. 23, claiming they stopped making the necessary interest payments on March 21, 2025.
The post Downtown Grand to be put up for sale by receiver following default on loan repayments appeared first on G3 Newswire.
Construction of third tower brings down ownership of Downtown Grand Downtown Grand hotel-casino will soon be up for sale in Las Vegas after its owners defaulted on a $90m construction loan. According to Clark County District Court records, the casino has been functioning via a court-appointed receiver since January, when it was placed into receivership…
The post Downtown Grand to be put up for sale by receiver following default on loan repayments appeared first on G3 Newswire.