Vegas To Get New Timeshare Project

LAS VEGAS— Construction of a 30-story, 850-unit timeshare project, named The Chateau, is slated to begin in 2004 across the street from The Aladdin casino/resort on the Las Vegas Strip. The $240 million property will be built by Stephen Cloobeck, whose Diamond Resorts International owns the 270-unit Jockey Club, a 23-unit complex in Hawaii as well as the 512-unit Polo Tower in Las Vegas, according to a report in the Las Vegas Review-Journal. “When it comes to quality of time-share product, were going to raise the bar again,” said Cloobeck. “Were in the epicenter of whats happening in Las Vegas, and I think The Chateau has the best location, by far, of any time-share project in Las Vegas.” Construction plans call for The Chateau to be built in four phases, each with more than 200 units and taking 14 months to build. The Chateau is not slated to have a casino, rather, Cloobeck said he wants the property to be “a dormitory for Strip casinos.” About 85% of the time share owners at Polo Towers and the Jockey Club own one-week intervals, with the remaining 15% owning intervals extending two weeks or longer. The Chateaus average unit price is expected to be about $18,000 for a one-week interval, with the entire 850 units expected to generate almost $800 million in sales by the time all intervals are sold. — Las Vegas Review-Journal