Fort Lauderdale real estate company sells Prime Las Vegas Strip property for $21 million

Cision PR Newswire | February 19, 2020

Lily Funds, through its affiliated company New World LLC, has announced the successful sale of a 5.25-acre property along Las Vegas's "Resort Corridor."The sale of 5051 Las Vegas Blvd. for $21 million, to Shopoff Realty Investments and Contour Real Estate, closed Feb. 14. The buyers plan to develop a new 450-room hotel, to be branded and managed by the Dream Hotel Group. Both buyers are based in California. We are pleased to not only complete the successful sale of the property and excited about the activity we are seeing on our remaining 22 acres," said Tom McManus, President and CEO of Lily Funds. "We are gratified when we can contribute, through a sale like this, to the further evolution of a dynamic real estate market such as Las Vegas

Spotlight

Real estate sector had a huge wish-list for the Finance Minister and we are happy that some of our recommendations have seen the light of the day. Needless to say, affordable housing stole the show at Union Budget 2016-17. The Housing sector saw a gamut of policies that aimed at providinga demandside as well as supply-side impetus to affordable housing. Coupled with this, there was much-needed focus on infrastructure, digitisation of transactions and rural housing.

Spotlight

Real estate sector had a huge wish-list for the Finance Minister and we are happy that some of our recommendations have seen the light of the day. Needless to say, affordable housing stole the show at Union Budget 2016-17. The Housing sector saw a gamut of policies that aimed at providinga demandside as well as supply-side impetus to affordable housing. Coupled with this, there was much-needed focus on infrastructure, digitisation of transactions and rural housing.

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