LAS VEGAS--(BUSINESS WIRE)--The Residences at Mandarin Oriental, Las Vegas, which occupy the highly coveted upper floors of the triple Forbes Five Star award-winning hotel, today announced milestone sales of 74 units comprising more than $76 million to date in 2013. This tremendous momentum is a testament to the resurgence of the luxury real estate market and to the value proposition, superior product, and high-quality lifestyle afforded by Mandarin Oriental, ideally situated at the gateway to ARIA Resort & Casino and The Shops at Crystals.
“We’re excited to be at the forefront of this market momentum, which, together with our new pricing and cash incentives for quick closings, has helped us achieve an unprecedented increase in sales,” said Tony Dennis, executive vice president of CityCenter Residential. “The Residences at Mandarin Oriental, Las Vegas is the market leader and offers unmatched value. With limited inventory, increasing interest rates and an upswing in sales, now is the ideal time to make a move and live at the heart of The Strip.”
The return of bank financing at The Residences at Mandarin Oriental, Las Vegas shows market confidence while further expanding buyer opportunities. Alex Berger, Mortgage Banking Vice President at BBVA Compass Bank, said, “We are actively lending in Mandarin Oriental. We offer attractive rates and terms for well-qualified buyers. We are expert at serving this important clientele and look forward to doing more business.”
The Residences at Mandarin Oriental has averaged 10 sales per month in 2013, with incentivized pricing at 60 percent off peak. Dennis said, “As our sales pace climbs and inventory continues to reduce, cash incentives will naturally be turned down. The combination of current market conditions -- attractive pricing, low interest rates, and the return of bank lending -- makes now the perfect time for Mandarin Oriental home buyers to act.”
Pricing at The Residences at Mandarin Oriental, Las Vegas currently starts at $680,000 for large one-bedrooms. Located on the upper half of the 47-story tower and designed by Kohn Pedersen Fox Associates, The Residences boast 225 exclusive homes, including stunning one-, two- and three-bedroom units ranging in size from approximately 1,110 to 4,000 square feet. Owners enjoy unlimited access to all of the services and amenities at Mandarin Oriental, Las Vegas, one of only six triple Forbes Five Star hotels in the United States.
CityCenter Residential is offering a select group of its remaining inventory with exceptionally appealing pricing and purchase incentives. The result is a purchase opportunity ideal for affluent buyers seeking: to establish residency in Nevada; to add a luxury property to their rental portfolios; or to own a vacation home in one of the world’s most dynamic cities. For these buyers, The Residences at Mandarin Oriental, Las Vegas represent the very best high-rise residences in the city at an unprecedented value.
For more information about The Residences at Mandarin Oriental, Las Vegas, please call (702) 590-5999, toll-free (866) 950-2489, or visit www.MandarinOrientalResidencesLasVegas.com.
About Mandarin Oriental, Las Vegas
Mandarin Oriental, Las Vegas is one of only six triple Forbes Five-Star hotels in the United States and is the only hotel in Las Vegas with Five Star recognition for the hotel, Twist restaurant and The Spa. A sophisticated sanctuary of modern elegance prominently situated at the entrance of CityCenter, Mandarin Oriental has made its mark as the ultimate urban resort destination in the heart of the Las Vegas Strip. Designed entirely by interior designer Adam D. Tihany and architecture firm Kohn Pedersen Fox, Mandarin Oriental brings to Las Vegas a new standard of style with stunning suites, captivating architectural design, unique restaurant and bar venues, and the legendary hospitality of Mandarin Oriental.
About Mandarin Oriental Hotel Group
Mandarin Oriental Hotel Group is the award-winning owner and operator of some of the world's most prestigious hotels and resorts. The Group now operates, or has under development, 45 hotels representing over 11,000 rooms in 27 countries, with 19 hotels in Asia, 12 in The Americas and 14 in Europe, Middle East and North Africa. In addition, the Group operates, or has under development, 14 Residences at Mandarin Oriental connected to its properties.
About The Residences at Mandarin Oriental
The Residences at Mandarin Oriental offer the best of both worlds: the comforts of a private home combined with the unsurpassed amenities and legendary services of Mandarin Oriental. Through the provision of bespoke benefits, discerning home owners enjoy privileged access to everything one expects as a hotel guest, plus exclusive resident-only privileges. The Group now operates, or has under development, 14 Residences, connected to the Group’s global properties.