The Signature at MGM Grand
Encyclopedia
The Signature at MGM Grand is a condo-hotel
built by a partnership
between MGM Mirage
and Turnberry Associates
on the location of MGM Grand's closed theme park
. It features three identical 38-story tower
s consisting of 576 fully furnished units each. Most of the condo units will be privately owned. If a unit owner chooses, he or she may join the “rental program”. This places their units into the hotel's room inventory to be used as luxury suites
by The Signature when they are not occupied by the owner. The owner, minus fees for hotel maintenance, marketing, and upkeep, receives a split of the rental rate of the owner's unit.
announced the formation of a partnership to build a luxury condo hotel, stating that they would build up to six towers each rising up to forty stories. The first phase of this project involved the sales of condo units to individuals and investors. During this phase, the project was referred to as The Residences, The Residences at MGM Grand and/or The Residences: A Condo Hotel by Turnberry. The first tower sold out within 90 days, proving that the concept was well-received. The second tower was already fifty percent sold by the time construction began in late 2004.
In October 2004, The Residences celebrated its ground-breaking, making it the first high-rise condo-hotel project overlooking the strip to begin construction. Other ventures of this type have begun since in Las Vegas, with many of them failing to obtain necessary financing and/or support. On May 12, 2006, the first tower opened for occupancy. The successful opening of The Signature at MGM Grand appears to be aided by its connection to the resources and amenities of The MGM Grand Hotel & Casino
.
Condo-hotel
A condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts. These hotels have condominium units which allow someone to own...
built by a partnership
Partnership
A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...
between MGM Mirage
MGM Mirage
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.MGM Resorts International is a Paradise, Nevada based corporation that brands itself as a global hospitality company. It is the second largest gaming company in the world by revenue - about...
and Turnberry Associates
Turnberry Associates
Turnberry Associates is an American real estate developer in residential, retail, hospitality and office. The company has developed more than $7 billion in commercial and residential property, including approximately of retail space, more than 7,000 condominium and condo-hotel residences, of...
on the location of MGM Grand's closed theme park
Amusement park
thumb|Cinderella Castle in [[Magic Kingdom]], [[Disney World]]Amusement and theme parks are terms for a group of entertainment attractions and rides and other events in a location for the enjoyment of large numbers of people...
. It features three identical 38-story tower
Tower
A tower is a tall structure, usually taller than it is wide, often by a significant margin. Towers are distinguished from masts by their lack of guy-wires....
s consisting of 576 fully furnished units each. Most of the condo units will be privately owned. If a unit owner chooses, he or she may join the “rental program”. This places their units into the hotel's room inventory to be used as luxury suites
Suite (hotel)
A suite in a hotel or other public accommodation, denotes a class of luxury accommodations, the key feature of which is multiple rooms. Many properties have one or more "honeymoon suites", and sometimes the best accommodation is called the "presidential suite".Suites offer multiple rooms, with more...
by The Signature when they are not occupied by the owner. The owner, minus fees for hotel maintenance, marketing, and upkeep, receives a split of the rental rate of the owner's unit.
The Residences
On December 20, 2003, MGM Resorts International and Turnberry AssociatesTurnberry Associates
Turnberry Associates is an American real estate developer in residential, retail, hospitality and office. The company has developed more than $7 billion in commercial and residential property, including approximately of retail space, more than 7,000 condominium and condo-hotel residences, of...
announced the formation of a partnership to build a luxury condo hotel, stating that they would build up to six towers each rising up to forty stories. The first phase of this project involved the sales of condo units to individuals and investors. During this phase, the project was referred to as The Residences, The Residences at MGM Grand and/or The Residences: A Condo Hotel by Turnberry. The first tower sold out within 90 days, proving that the concept was well-received. The second tower was already fifty percent sold by the time construction began in late 2004.
In October 2004, The Residences celebrated its ground-breaking, making it the first high-rise condo-hotel project overlooking the strip to begin construction. Other ventures of this type have begun since in Las Vegas, with many of them failing to obtain necessary financing and/or support. On May 12, 2006, the first tower opened for occupancy. The successful opening of The Signature at MGM Grand appears to be aided by its connection to the resources and amenities of The MGM Grand Hotel & Casino
MGM Grand Las Vegas
The MGM Grand Las Vegas is a hotel casino located on the Las Vegas Strip in Paradise, Nevada. The MGM Grand is the third largest hotel in the world and largest hotel resort complex in the United States in front of The Venetian. The MGM Grand was the largest hotel in the world when it opened in...
.