The 24-carat gold gilding on the windows and the four doormen on duty are the first hints of the opulence of the newest addition to the Trump Hotel Collection. Inside the lobby and other public sections of the 64-story tower you’ll find elaborate chandeliers, miles of Italian marble and more 24-carat gold accents throughout. A 1,500 square foot health club, large heated pool and a 10,000 square foot spa go even further in letting you know that you have found yourself in the lap of luxury.
The Las Vegas tower joins sister properties in New York and Chicago as the founding hotels of the Trump Hotel Collection, a brand that will give other luxury hotels a run for their money. Trump said, “This is the highest level of luxury in any hotel in the world” and that his intention was for Trump International Las Vegas “to capture that ultimate sense of luxury”.
Suites start on the 16th floor with 20 studios and 8 one-bedroom units on each floor through the 59th floor. The top five floors of the tower hold the lavish penthouse suites, some as spacious as 3,000 square feet. Each unit is fully furnished in an upscale style and feature full kitchens. The units opening price point is $700,000 and some of the penthouses are priced in the millions. Most of the units in the nearly sold out tower have been purchased by people wanting a vacation home.
Thanks to Trump’s rather unique reservation system, the owners are eligible to place their units into the system to rent out when they are not using it. The owners are required to take possession of the suites before being able to place it in the booking system and then the revenue is shared by the owner and Trump International. This system is part of the reason that purchases are considered investments by many of the new buyers as well as the potential for increasing value.
The revenue generated for both could be quite significant as the room rates are among the highest found on the Las Vegas strip. Single night rates start at a hefty $349 and go up depending on the location and size of the unit. Naturally, the penthouses will have the highest rates because of the lavishness of the units and the unparalleled views of the strip, downtown and the mountains. Units will also be listed on several travel websites in addition to being listed in the Trump Collection reservation system.
Recent years have seen the luxury condo market really grow in Las Vegas. Trump’s newest addition joins the 4,200 existing units and there is another 12,000 units under construction in the area. The trend with these new condo buildings is to contain luxurious units, fine dining facilities and upscale retail establishments. One thing Trump International Las Vegas doesn’t have is a casino and this is also a growing trend among these types of luxury condo buildings.
The entire Trump International Las Vegas is nonsmoking since there is no casino. There will be at least two dining facilities available for guests, as well as others who want a fine dining experience. The first one to open is called DJT (for Donald J. Trump, of course) which will be the tower’s premium restaurant. Later on, a poolside restaurant will be opening up with the nouveau name of H2(eau). Guests are charged $14 a day for parking if they choose to bring their own cars. Steve Shalit, the VP and managing director of the hotel side, says “We’re really a cab and limousine market.” He goes on to promise, “we’ll make sure our guests get to where they want to be.”
The Trump Hotel Collection will be competing with other luxury hotel companies both nationally and internationally. New hotels are planned for 2009 in Fort Lauderdale (Florida), New York City’s Soho region and on Waikiki Beach in Honolulu, Hawaii. Further expansion of the brand includes New Orleans in the US as well as hotels in other countries including Canada, Panama, Mexico, the Dominican Republic, Scotland and Dubai. These hotels are slated for opening throughout 2010. Trump does not seem concerned about the ambitiousness of these plans saying, “It’s the power of the brand and it’s the power of the name.” False modesty never has been one of the Donald’s traits.
Initial plans for Trump International Las Vegas called for a second tower on the property, identical to the first. While this is still planned, Trump hasn’t set a construction date for the second building. He states his intention to close all sales on the first tower before breaking ground for the second. Tightening credit, rising construction costs and the slowing economy may combine to delay construction, as well. Analysts are projecting a budget 60% higher than the budget on the first tower due to the soaring costs of construction.
Stock share prices of Trump Entertainment Resorts Inc. hit a record low recently as all three of the company’s casinos experienced decreased revenues in the month of March. Overall share prices are down a whopping 83% over the past 52 weeks. Trump seems to be on the brink of moving away from the gambling market and has even issued a statement that they would be willing to sell a casino or two if the sale appeared to be in the best interest of their shareholders.
From the luxuriously appointed suites, heated pool and fine dining to the huge spa facilities and the state-of-the-art health club, the latest offering in luxury hotels is well worth the high price tag. To get the lowest prices on these lush units, stay away from the times when there are big Las Vegas events or trade shows, the National Finals Rodeo and New Year’s Eve. These will be the highest rates of the year for the hotel rentals. If you can afford the best, Trump International Las Vegas is a good bet in a town full of gamblers.