Las Vegas property being amassed

from today's GlobeSt

North Strip Assemblage in the Works
By Brian K. Miller

"LAS VEGAS-An entity of Triple Five Nevada has paid $180 million for a 5.4-acre site fronting the Las Vegas Strip next to the 26-acre Riviera resort-casino. Located at 2955 S. Las Vegas Blvd., the site was previously home to the La Concha Motel. The seller, Lorenzo Doumani, CEO of Majestic Resorts, tells GlobeSt.com that the buyer has optioned two adjacent parcels that, if exercised, would give it nearly 18 acres to master plan.

The buyer is listed on county records as Las Vegas Strip North Holdings LLC, whose local address matches that of Triple Five Nevada. Triple Five recently sold its 9.2% stake in Riviera Holding Corp. to Riv Acquisition Holdings, the private equity group that is trying to acquire the publicly held casino owner and operator.

The smaller of the two additional parcels optioned by the Triple Five entity is the Peppermill, a Strip-front restaurant immediately south of the Riviera that sits on a 1.13-acre site controlled by Doumani. The Triple Five entity has a three-year option to acquire the property, Doumani says.

The larger site, totaling about 9.5 acres, abuts both the east end of the Peppermill property and the south side of the Riviera. The site surrounds Kishner Drive, which is accessed off Convention Center Drive, one block south of Riviera Boulevard. Details of the Triple Five entity’s option agreement with this seller, whom Doumani describes as a friend of his, was not immediately available. The multi-parcel site currently houses Somerset Apartments, Somerset House Motel, a strip mall and the Villa Roma Inn.

Given its activity thus far, it is likely the Triple Five entity also is trying to acquire the parcel at the corner of Las Vegas Boulevard and Convention Center Drive and the two on either side of it because all three would be surrounded by the parcels it already has acquired or optioned." ....

for complete story see:
http://www.globest.com/news/1039_1039/lasvegas/166126-1.html