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twitterDispleased with Cosmopolitan’s interior, bank rethinks decor
Steve Marcus
A view of the Cosmopolitan under construction just north of MGM Mirage’s CityCenter project on Friday.
Published Friday, March 6, 2009 | 4:43 p.m.
Updated Saturday, March 7, 2009 | midnight
Sun Archives
- MGM Mirage, Deutsche Bank financing talks fail (3-4-3009)
- MGM, Dubai World said in talks with Deutsche Bank (2-23-2009)
- Robin Leach, others sue Cosmopolitan (2-14-2009)
- Buyout keeps Cosmopolitan in play (9-4-2008)
Work on part of the Cosmopolitan resort’s interior is on hold while a new decor is considered for the bank-owned property, which is under construction.
Adopting a new look would undo months of work that went into redesigning the Cosmopolitan’s hotel rooms after owner Deutsche Bank foreclosed on the property early last year, according to people familiar with the matter.
A Cosmopolitan spokeswoman declined to comment.
This would be the third interior design for the Cosmopolitan, the brainchild of New York high-rise developer Ian Bruce Eichner and wife Leslie, who helped create the resort’s original appearance.
That was a flashy, glam-rock look, with bold prints and big mirrors.
Real estate developer Related Cos. oversaw a redesign resulting in a more muted look for room fixtures and furnishings.
But Deutsche Bank isn’t happy with the design and is going back to the drawing board, sources say.
The resort’s exterior is topped off, but the interiors have yet to be completed.
Work outfitting some of the rooms is on hold while designers present a revised decor, which is expected next week, sources say.
Observers say the move indicates that Deutsche Bank is committed to finishing the project, given that midcourse corrections could cost the bank millions of dollars.
The bank has several firms on its payroll as it plows ahead on the Cosmopolitan, which it hopes to open by June 2010. Those include multiple design and architecture firms working on interior spaces, including the layout of the casino on the ground floor.
Eichner defaulted on a $760 million construction loan last year, fueling doubts that the 3,000-room resort would be finished.
But some experts say Deutsche Bank, which has sunk more than a billion dollars into the Cosmopolitan, has too much money at stake to stall or shut down the project, even in a down economy.
Discussion: 9 comments so far…
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Why open.. Then reality will really set it.. When they mark this one to market it will be a write off.
a new decor?
is anyone really buying that one? hahaha!
these p.r. people just crack me up.
With Fontainebleau, Aria and the Cosmopolitan properties ostensibly opening in this new economy it's going to be interesting to see how it all shakes out.
Is it possible that occupancy can sustain high levels?
How low will room rates have to go?
Surely everyone will come out to see the newness, but after that it's anyone's guess where the percentages will be.
I think this property and the Fontainebleau will be in trouble for a while.
It seems also that Aria would impact Bellagio's business.
Right now Mirage is promoting in email, and booking three complimentary nights as far off as November and December.
This is like the overbuilt middle 1950's all over again.
Interesting, Deutsche Bank refused government bailout money. More power to them.
It's always a dangerous sign when a bank gets involved in design....
Get Steve over there to figure it out.
Who Cares!
It sucks when a bank gets involved with the actual construction period. These guys with zero construction experience then go around telling all the other experienced guys in the room how to do their jobs without a thought about the conditions on the ground.
Oh just paint all this, remove that, rebuild this, and do it in 2 months.
Worthless cubicle mice.
Hey all:
I belong to a group of over 180 Cosmopolitan unit owners that have filed a class-action suit in order to get our hard earned deposits back. If you are a unit owner and are concerned - then join us. We filed back in early February before Robin Leach did, and we hope to have a resolution soon! Send me an email at ruffus327@aol.com. Do NOT hesitate!