Nova Capital Secures Acquisition and Entitlement Financing for Prime Opportunity Zone Land Parcel on Las Vegas Strip

Rendering of 5.25-acre Las Vegas Strip parcel 
planned for 450-room hotel

LAS VEGAS, NV -- Nova Capital, a Los Angeles-based real estate capital advisory firm, has secured acquisition and entitlement financing for an unentitled 5.25-acre parcel of land situated on the Las Vegas strip on behalf of a JV partnership between Contour and Shopoff Realty Investments.

 Steven Yazdani

The land, which is ideally located in a Qualified Opportunity Zone only 1.5 miles from the new Raiders Stadium in the thriving Las Vegas Resort Corridor, is planned to serve as the new site for a ground-up 450-room luxury boutique hotel development.

“This was a rare opportunity to harness the momentum of the Vegas market by investing in a prime location that will yield tremendous future growth,” says Steven Yazdani, Managing Director and Founder of Nova Capital.

“Both Shopoff and Contour immediately recognized the value in this land, which should directly benefit from the new $1.8 billion Raiders stadium, as well as continued hospitality growth in the region.”

David Daneshforooz

The $15.575 million loan was provided by one of Canada’s largest real estate funds. Yazdani confirms that the strength of the market was a factor in securing the financing.

“Las Vegas remains one of the country’s premier tourist destinations with more than 35 million visitors in 2019 and an average room occupancy of 90 percent,” says Yazdani. “This strong demand for high-level hospitality product was an important factor for the Sponsors and for the lender.”

David Daneshforooz, CEO of Contour, notes, “Hospitality sales in Las Vegas reached a 10-year high in 2019, and all indications point to an even stronger 2020. By investing in this site now, we are paving the way for a new luxury hotel that will result in the highest and best use for this land parcel.”

William A. (Bill) Shopoff

Bill Shopoff, President and CEO of Shopoff Realty Investments adds, “The potential this site provides as a new luxury hotel on the Las Vegas Strip makes it a promising opportunity for our firm.

"With entitlement and real estate expertise, the Shopoff and Contour teams will team together and work to bring this project to fruition, with the goal of adding an exciting new destination to the Las Vegas strip.”

CONTACTS:

.  
Lisa James / Jenn Quader

Brower Group

(949) 438-6262

ljames@brower-group.com

www.novacapital.com.