Lily Funds, through its affiliated company New World LLC, has sold 5051 Las Vegas Boulevard in Las Vegas, Nevada for $21 million to Shopoff Realty Investments and Contour Real Estate. The buyers, both based in Florida, plan to develop a new 450-room hotel, to be branded and managed by the Dream Hotel Group, on the 5.25-acre property.
“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 Fort Lauderdale, Florida-based 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.”
Lily Funds also manages and has for sale an additional 22 acres of land just north of 5051 Las Vegas Blvd, across the street from Mandalay Bay Resort. The property is centrally located on the famed Las Vegas Boulevard, and sits in an Opportunity Zone less than a half-mile from the site of the new Raiders football stadium and nearly adjacent to the iconic “Welcome to fabulous Las Vegas” sign.