Las Vegas Sands and Starwood Hotels & Resorts are collaborating on a St. Regis-branded residential project in between the Venetian and Palazzo resorts on the Las Vegas Strip.
The St. Regis Residences at the Venetian Palazzo will have 398 units. Anticipated to open in March 2010, the property will offer owners the butler service for which the brand is known.
Residences will range in size from 1,700 to 10,000 square feet. Total sales for all units could reach $2 billion, said Las Vegas Sands and Starwood.
In a release announcing the news, Las Vegas Sands CEO Sheldon Adelson "addressed would-be skeptics" about forging ahead with such a project given that difficult capital markets have stalled or stopped plans for three major hotel projects in Las Vegas this year.
"Quality and luxury sell in any type of financial environment," said Adelson, who called the project a "surefire winner" given its location betwen the Venetian and Palazzo.