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Hospitality Sales Hit New High in 2018

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Research & Forecast Report

LAS VEGAS | HOTEL

Q4 2018

Hospitality Sales Hit New High in 2018

> As year’s end, hospitality sales volume was highest in four years

Economic Indicators

> Gaming revenue continued to improve, hitting highest level since 2007

  • AIR
  • CONVENTION
  • RevPAR

  • Passengers
  • Attendance

> Visitor volume continued its downward trend

You could say Southern Nevada’s hospitality sector in 2018 was better than the 10-year average, but down from the past two years.

While this assessment is basically correct, it misses some important details. Visitor volume and room occupancy have decreased over the past two years after peaking in 2016, but gaming revenue, taxable sales and passenger traffic at McCarran International Airport were up over the same period. Southern Nevada looks to be experiencing a slight slowdown in post-recession growth, but not a significant reversal.

+15.6

+11.7%

Nov 2018

+4.5%

Market Indicators

Relative to prior period

  • Q4 2018
  • Q1 2019*

Visitor volume in October 2018, the most recent month of statistics available, was 35.4 million people year-to-date. This represented year-over-year growth of negative 1.0 percent. Year-to-date, Southern Nevada had negative 1.2 percent growth in citywide occupancy, negative 0.1 percent growth in the Average Daily Room Rate (ADR) and negative 1.4 percent growth in Revenue Per Available Room (RevPAR).

Room Inventory Room Occupancy Average Daily Rate Revenue Per Available Room

*Data Not Available

Summary Statistics

Las Vegas Market

Revenue Per Available Room (RevPAR)

  • Q4 2017
  • Q3 2018
  • Q4 2018

$125.00

Room Inventory

  • 141,853
  • 142,182
  • 142,781

$120.00 $115.00 $110.00 $105.00 $100.00
$95.00

Room Occupancy Average Daily Rate

  • 84.0%
  • 88.6%
  • 91.4%

  • $125.11
  • $123.66
  • $142.43

Revenue Per Available Room $105.53

  • $109.54
  • $130.18

  • 4 Q 2016
  • 1 Q 2017
  • 2 Q 2017
  • 3 Q 2017
  • 4 Q 2017
  • 1 Q 2018
  • 2 Q 2018
  • 3 Q 2018

Through September 2018, taxable sales in the leisure and hospitality sector was $8.8 billion dollars. This includes $912 million in taxable revenue in accommodations and $7.87 billion in eating and drinking places. This represented 3.2 percent growth over the same period last year. Employment in the leisure and hospitality sector increased by 7,600 jobs between October 2017 and October 2018.

Sales Volume

$1,000,000,000
$900,000,000 $800,000,000 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000 $200,000,000 $100,000,000
$0

While visitor volume in 2018 continued a downward trend that started in 2017, gaming revenue continued an upward trend that began in 2016. Gaming revenue in Clark County year-to-date in October 2018 was up 2.2 percent year-over-year. Gaming revenue was up 1.6 percent year-over-year on the Las Vegas “Strip”, 1.0 percent in Downtown and 4.6 percent on the Boulder Strip, which mostly plays host to local casino patrons.

  • 1 Q 2017
  • 2 Q 2017
  • 3 Q 2017
  • 4 Q 2017
  • 1 Q 2018
  • 2 Q 2018
  • 3 Q 2018
  • 4 Q 2018

Total room inventory in October 2018 increased to 147,598 units, slightly more than the 146,582 units of inventory in October 2017. In properties with 100 or more rooms, inventory in the fourth quarter of 2018 was 142,781 units, compared to 141,853 units in the fourth quarter of 2017. Construction continued on the 3,400 room Resorts World Las Vegas and 3,889 room The Drew Las Vegas on the Las Vegas “Strip”, as well as the 135 room Home2 Suites in the West Vegas submarket. The 125-room Motel 6 located near the Las Vegas Speedway and 111 room TownePlace Suites were completed this quarter. An additional 1,017 rooms are slated for completion in 2019.

Sales vs. Price Per Unit

4,000 3,500 3,000 2,500 2,000 1,500 1,000
500
$1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000

  • $0
  • 0

  • 1 Q 2017
  • 2 Q 2017
  • 3 Q 2017
  • 4 Q 2017
  • 1 Q 2018
  • 2 Q 2018
  • 3 Q 2018
  • 4 Q 2018

  • Sales (Units)
  • Average Price Per Unit

In addition to new property development, Southern Nevada was slated for $880 million in property remodels and renovations over the next two years, including Park MGM, the Monte Carlo Resort and Casino, Palace Station Hotel & Casino, SLS Las Vegas and Hard Rock Hotel and Casino. New venues and expansions totaling $3.57 billion are slated for completion in the next two years, including the expansion of the Las Vegas Convention Center, the new Caesars Forum convention

Market Health

  • Data Point
  • 2014
  • 2015
  • 2016
  • 2017
  • 2018

35.4

Visitor Volume (millions; Jan-Oct)

  • 34.7
  • 35.7
  • 36.5
  • 35.7

Room Occupancy (Jan-Oct) ADR (Jan-Oct)

  • 88.1%
  • 88.8%

$120.91 $107.32 4.92
90.4% $127.14 $114.81 5.54
90.2% $131.28 $118.42 5.83
89.0%
$117.86 $103.88
$129.68 $115.38 5.67

RevPAR (Jan-Oct) Convention Attendance (millions; Jan-Oct) 4.62 Passengers McCarran Int’l (millions; Jan-

  • 36.1
  • 37.9
  • 39.9
  • 40.8
  • 41.7

Oct) Gaming Revenue (Clark County; billions; Jan-Oct)

  • $7.96
  • $7.92

$5.21
$8.07 $5.27
$8.37 $5.40
$8.56 $5.49

Gaming Revenue (“Strip”; millions; Jan-Oct) $5.31

Data from Las Vegas Convention & Visitors Authority

2

Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International

center, the expansion of the MGM Grand conference center, Las Vegas Ballpark in Summerlin, Las Vegas Stadium, which will host the NFL Las Vegas Raiders, the All Net Resort & Arena, which will host the WNBA Las Vegas Aces, Madison Square Garden’s Sphere Arena and an expansion of the Showcase Mall on the Las Vegas “Strip”.

Southern Nevada registered the sale of 5,351 hospitality units with a sales volume of $1.36 billion and average sale price of $253,338 per unit in 2018. There were no hospitality sales in the first quarter of 2018, but sales picked up over the course of the year. Key sales included the 1,506-room Hard Rock Hotel & Casino to Virgin Hotels for $500 million and the 1,325-room SLS for $190 million. 2018 was the best year for hospitality sales in Southern Nevada since 2014.

2018 was a solid year for tourism in Southern Nevada, though it did not quite equal the last two years. Still, Southern Nevada is on the cusp of a major expansion of its entertainment product, and as these venues come online they should bring those visitor volume numbers up, as well as put Southern Nevada on track for a productive decade in the 2020’s.

Hospitality Sales*

  • Year
  • Sales Volume
  • Units Sold
  • Price/Unit

2018 2017 2016 2015 2014 2013 2012 2011

$1,355.6 MM
$917.4 MM

$1221.8 MM

$466.2 MM

$2001.3 MM

$57.8 MM
5,351 6,626

4,776

5,445

7,614 1,335 3,120 7,507
$253,000 $138,000 $254,000
$86,000
$263,000
$43,000 $51,000

$159.8 MM
$1577.8 MM

$210,000

* Only includes properties with 100 or more units, arm’s-length sales

3

Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International

Significant Hotel Sale Activity

21ꢀ

SLS

NORTH LAS VEGAS

$190,000,000

NORTHWEST

1,325 Units - $143,000/Unit

April 2018

Casino Hotel - Strip

9ꢀ

1ꢀ

Stratosphere Las Vegas

$421,000,000 2,427 Units - $174,000/Unit

October 2017

Casino Hotel - Strip

DOWNTOWN
SUMMERLIN

WEST CENTRAL
EAST
LAS VEGAS
RESORT

CORRIDOR

Mandarin Oriental

$214,000,000 392 Units - $546,000/Unit

April 2018

9ꢀ

THE
“STRIP”

Full Service - Strip

AIRPORT

Westin-Lake Las Vegas

$195,500,000

21ꢀ

$397,000/Unit

HENDERSON

September 2018

SOUTHWEST

Full Service - Henderson

SOUTH LAS VEGAS

Hard Rock Hotel & Casino

$500,000,000 1,506 Units - $332,000/Unit

March 2018

Casino Hotel - Resort Corridor

Sale Activity Continued

  • Property Name
  • Sale Date
  • Units
  • Price
  • Price/Unit
  • Submarket
  • Property Type

Renaissance Las Vegas Arizona Charlie’s Casino Siena Suites

Apr 2018 Oct 2017 Nov 2018 May 2018 Aug 2018
548 303 600 108 359
$177,921,000 $53,000,000 $46,000,000 $36,000,000 $18,689,000
$325,000 $174,000
$77,000

Resort Corridor East Vegas
Full Service Casino Hotel

  • East Vegas
  • Limited Service

Limited Service Limited Service
Marriott TownePlace – Henderson Emerald Suites

$333,000
$52,000

Henderson Resort Corridor

4

Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International

Market Comparisons - Las Vegas Hospitality Market

  • TOTAL INVENTORY
  • AVERAGE SALES PRICE COMPLETIONS CURRENT
  • COMPLETIONS YTD

(UNITS)
FUTURE DEVELOPMENT
(UNITS)

  • TYPE
  • TOTAL SALES (UNITS)
  • TOTAL SALES VOLUME

  • (UNITS)
  • PER UNIT
  • QUARTER (UNITS)

DOWNTOWN CAS FS LS
7,428
-
204 7,632
----
$0 $0 $0 $0 n/a n/a n/a n/a
----
----
--
300

  • 300
  • Total

LAS VEGAS “STRIP” CAS FS LS
80,185 5,450 2,567
--
600
$0 $0 n/a n/a

$76,667

---
---
11,389
-

  • 253
  • $46,000,000

  • Total
  • 88,202
  • 600
  • $46,000,000

$76,667

  • -
  • -
  • 11,642

RESORT CORRIDOR CAS FS LS
10,407 4,830 5,682
----
$0 $0 $0 $0 n/a n/a n/a n/a
(203)
--
(203)
--
---

  • -
  • Total
  • 20,919
  • (203)
  • (203)

AIRPORT CAS FS LS
--
----
$0 $0 $0 $0 n/a n/a n/a n/a
----
----
640
-

  • -
  • 1,175

  • 1,175
  • Total
  • 640

EAST LAS VEGAS SUBMARKET CAS FS LS
1,704
-
3,058 4,762
----
$0 $0 $0 $0 n/a n/a n/a n/a
----
----
---

  • -
  • Total

HENDERSON SUBMARKET CAS FS LS
2,035 732 1,465 4,232
-
493
-

  • $0
  • n/a

$396,552 n/a
----
----
----
$195,500,000
$0

  • $195,500,000
  • Total
  • 493
  • $396,552

NORTH LAS VEGAS SUBMARKET CAS FS LS
988
-
1,405 2,393
----
$0 $0 $0 $0 n/a n/a n/a n/a
--
125 125
--
125 125
---

  • -
  • Total

SOUTH LAS VEGAS SUBMARKET CAS FS LS
2,463
-
1,404 3,867
----
$0 $0 $0 $0 n/a n/a n/a n/a
----
----
---

  • -
  • Total

SUMMERLIN SUBMARKET CAS FS LS Total
1,770 123

515

----
$0 $0 $0 $0 n/a n/a n/a n/a
----
----
-
267
-

  • 2,408
  • 267

WEST CENTRAL SUBMARKET CAS FS LS Total
3,425 118 3,648 7,191
----
$0 $0 $0 $0 n/a n/a n/a n/a
--
111 111
--
440 440
--
135 135
MARKET TOTAL CAS FS LS
110,405 11,253 21,123 142,781

  • -
  • $0
  • n/a

n/a

$76,667

$220,952
(203)
-
236 33
(203)
-

565

362
12,029
267 688
493 600 1,093
$195,500,000 $46,000,000

  • $241,500,000
  • Total
  • 12,984

QUARTERLY COMPARISON AND TOTALS

Q4-18 Q3-18 Q2-18 Q1-18 Q4-17
142,781 142,182 142,182 142,182 141,853
1,093 751 3,507
-
$241,500,000 $232,688,525 $881,421,032
$0
$220,952 $309,838 $251,332 n/a
33 00
329 229
362 329 329 329 449
12,984 13,166 13,166 12,770

  • 10,439
  • 2,989
  • $518,923,611
  • $173,611

The information contained in this report was provided by sources deemed to be reliable, however, no guarantee is made as to the accuracy or reliability. As new, corrected or updated information is obtained, it is incorporated into both current and historical data, which may invalidate comparison to previously issued reports.

5

Las Vegas Research & Forecast Report | Q4 2018 | Hospitality | Colliers International

COLLIERS INTERNATIONAL | LAS VEGAS

69 countries

3960 Howard Hughes Parkway Suite 150 Las Vegas, Nevada 89169 | USA

+1 702 735 5700

www.colliers.com/lasvegas

$2.7

billion in annual revenue*

MARKET CONTACT:

Mike Mixer

2.0

Executive Managing Director | Las Vegas

+1 702 735 5700

billion square feet under management

[email protected] John Stater

15,400

Research & GIS Manager | Las Vegas

+1 702 836 3781

professionals and staff

[email protected]

$116

billion in total transaction value

*All statistics are for 2017, are in U.S. dollars and include affiliates.

About Colliers International

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Copyright © 2019 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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    Harmon and Las Vegas Blvd, Las Vegas, NV 63 SLVB, LLC CONTENTS 1 PROJECT SUMMARY Preliminary Project Summary 2 SITE Location & Site Overviews 3 EXISTING CONDITIONS Birdseye View 4 LEVELS Level S: Street Retail Level 1: Bridge Retail Level 2: Upper Retail Level 3: Restaurant 5 RENDERINGS Eyelevel Birdseye Perspective Bridge & Street View 6 VIEW COMPARISON Existing & Proposed Bridge 7 MARKET SUMMARY Las Vegas Market Summary & Statistics 8 DEVELOPER PROFILE Flag Luxury & Brett Torino 63 SLVB, LLC 2 3 ­ ­ ­ ­ ­ LOCATION OVERVIEWLOCATION SITE 63 SLVB, LLC SITE SITE OVERVIEW ­ 63 SLVB, LLC 4 EXISTING CONDITIONS BIRDSEYE VIEW 63 SLVB, LLC 5 6 EL LEVELS LEVEL S: STREET RETAIL LEVEL S: STREET RETAIL 1 SUITE 102 13,900 SF 1 0 ' - 0 " UP UP SUITE UP 101 26,290 SF T " 1 63 SLVB, LLC 6 LEVELS LEVEL 1: BRIDGE RETAIL LEVEL 1: BRIDGE RETAIL SUITE 207 4,915 SF SUITE 206 4,950 SF SUITE 205 5,035 SF SUITE 204 SUITE 4,975 SF SUITE 209 208 400 SF 14,605 SF SUITE 203 5,250 SF SUITE 202 5,210 SF SUITE 201 4,750 SF 63 SLVB, LLC 7 LEVELS LEVEL 2: UPPER RETAIL LEVEL 2: UPPER RETAIL SUITE 307 4,915 SF SUITE 306 4,950 SF SUITE 305 5,035 SF SUITE 304 4,975 SF SUITE 303 5,250 SF SUITE 302 5,210 SF SUITE 301 4,750 SF 63 SLVB, LLC 8 LEVELS LEVEL 3: RESTAURANT LEVEL LEVEL 3: RESTAURANT LEVEL SUITE 401 10,850 SF 63 SLVB, LLC 9 LEVELS BASEMENT LEVEL 0: BASEMENT STORAGE S05 14,113 SF STORAGE S04 5,222 SF STORAGE STORAGE
  • The Suites at Marketwalk Brochure Refresh 6

    The Suites at Marketwalk Brochure Refresh 6

    1985, 2025, 2115, 2120 FESTIVAL PLAZA DRIVE, LAS VEGAS, NEVADA 89135 SUMMERLIN Fashionistas, foodies, sports fans, fi tness junkies and funseekers all gather on the bustling city blocks of Downtown Summerlin®. Here, the lines between work and play are beautifully blurred. The Downtown Summerlin area is home to three Class A towers, nearly 400 luxury rental residences at Constellation and Tanager, Red Rock Casino Resort & Spa, City National Arena– practice facility for the National Hockey League’s Vegas Golden Knights and Las Vegas Ballpark®– a 10,000-capacity Triple-A baseball Stadium home to the Las Vegas Aviators which hosts more than 100 events annually. OFFICE ABOVE RETAIL SPACE consisting of approximately 33,734 SF UNIQUE 3.5:1000 PARKING RATIO, reserved parking available in a covered, multi-level parking structure along with abundant surface and customer parking RETAIL SPACE LEASING RATE Downtown Summerlin is part of a $2.60/RSF/MONTH/FSG planned urban center, serving the entire Las Vegas Valley. It includes retail, entertainment, offi ce, hotel, and multifamily residential elements, all designed to create a vibrant, walkable A WIDE ARRAY OF urban core within the award winning ENTERTAINMENT OPTIONS and unique dining destinations 22,500-acre Summerlin master- planned community. Downtown Summerlin totals nearly 400 acres and features more than 125 stores and restaurants in the streetscape- shopping environment with pedestrian thoroughfares and dynamic storefronts. CONVENIENT ACCESS to the I-215 Beltway via W. Charleston Blvd. and W. Sahara Blvd. THE POWER OF CONNECTIVITY 400 ACRE 30+ EATERIES 100+ WALKABLE URBAN CORE AND NUMEROUS OUTDOOR DINING OPTIONS NATIONAL AND LOCAL BRANDS • HOME TO LIFETIME FITNESS, TRUFUSION, PURE BARRE AND UNLIMITED OUTDOOR FITNESS OPPORTUNITIES • EASE OF ACCESS TO ENDLESS SERVICES SUCH AS BANKS, SALONS TO DOCTORS, SPAS AND SO MUCH MORE 2 15 Summerlin Parkway 95 ALL ROADS LEAD HERE.
  • Ohio Stadium

    Ohio Stadium

    FALL 2019 WI-FI ARRIVES AT OHIO STADIUM SINGLE FIBER NETWORK AT DICKIES ARENA MAJOR LEAGUE WI-FI AT LAS VEGAS BALLPARK mobilesportsreport.com FOLLOW US ON Keeping Fans Connected. SMALL CELLS Wi-Fi DAS As a global wireless solutions provider, Mobilitie deploys infrastructure that keeps fans connected in the most jam-packed and demanding environments. From stadiums to arenas to amphitheaters, we fund, design, build, and operate next-generation networks that enable rich mobile experiences and robust wireless connectivity. These solutions not only deliver the coverage needed for today’s fast-paced world, but also anticipate the needs of tomorrow’s increasingly connected fans. VISIT MOBILITIE.COM TO LEARN MORE Welcome to the third issue of our SIXTH year of STADIUM TECH REPORTS, the Fall 2019 issue! These quarterly long-form reports are designed to give stadium and large public venue owners and operators, and digital sports business executives a way to dig deep into the topic of stadium technology, via exclusive research and profiles of successful stadium technology deployments, as well as news and analysis of topics important to this growing market. Our stories for this issue include an in-person profile of the new Wi-Fi 6 network at venerable Ohio Stadium, the “horseshoe” known and loved by fans of THE Ohio State University. We also have an in-person profile of the Wi-Fi network at the hottest (literally) ballpark in Minor League Baseball, the Las Vegas Ballpark, plus a look at the converged fiber network installed at the soon-to-open Dickies Arena in Fort Worth.
  • For Immediate Release August 13, 2021 LAS VEGAS BALLPARK

    For Immediate Release August 13, 2021 LAS VEGAS BALLPARK

    For Immediate Release August 13, 2021 LAS VEGAS BALLPARK HOSTS MEXICAN BASEBALL FIESTA Event returns to Las Vegas Ballpark Sept. 16-17 Tickets On Sale Now WHAT: Las Vegas Ballpark announces it will host the 2021 Mexican Baseball Fiesta on Thursday and Friday, Sept. 16-17, 2021. The popular event made its Las Vegas debut at Cashman Field in 2017 and was held at Las Vegas Ballpark in 2019. A “spring training” for teams in the Mexcian Winter Leagues, this fun, colorful and exciting event features two of the top teams in the Liga Mexicana del Pacifico – Los Naranjeros de Hermosillo and Águilas de Mexicali. “The Mexican Pacific League is as popular in Mexico as Major League Baseball is in the U.S.,” said Don Logan, President and COO, Las Vegas Aviators. “The energy of the fans, the music, the food and fun make this a unique experience for all baseball fans.” The Águilas de Mexicali boasts past players including Fernando Valenzuela, John Kruk, Mike Piazza, and Jeff Samardzija. Los Naranjeros de Hermosillo has won the league 16 times with notable alums featuring Curt Schilling, Larry Walker and Vinny Castilla. The Pacific League of Mexico was founded in 1945 and plays from October through February. The champion of the league, also referred to as the Winter League of Mexico, plays in the Caribbean World Series. Tickets are on sale NOW. Fans can purchase tickets at the Las Vegas Ballpark box office or through Ticketmaster. Individual game tickets are priced at $11 (general admission/berm); $17 (outfield box); $22 (infield box); $30 (home plate box) and $40 (club level).
  • 1050 INDIGO DRIVE Las Vegas, NV 89145 RARE SUMMERLIN INVESTMENT OPPORTUNITY SELLER MAY CONSIDER a CARRY BACK

    1050 INDIGO DRIVE Las Vegas, NV 89145 RARE SUMMERLIN INVESTMENT OPPORTUNITY SELLER MAY CONSIDER a CARRY BACK

    1050 INDIGO DRIVE Las Vegas, NV 89145 RARE SUMMERLIN INVESTMENT OPPORTUNITY SELLER MAY CONSIDER A CARRY BACK Offered by: Service You Deserve. People You Trust. Jarrad Katz, SIOR, CCIM Galit Kimerling 5960 South Jones Boulevard Executive Vice President I Principal Vice President Las Vegas, Nevada 89118 Lic#: BS.0145888 Lic#: S.0065773 T 702.388.1800 | F 702.388.1010 702.610.1002 323.244.1628 www.mdlgroup.com [email protected] [email protected] HIGHLIGHTS INVESTMENT OVERVIEW ACQUISITION NARRATIVE LOCATION 1050 Indigo Drive, Las Vegas, NV 89145 This offering is a rare opportunity to acquire a quality office PARCEL NUMBER 137-368-110-17 asset in an A+ location. The property is fully occupied with sig- nificant upside going forward. Current rents are ±40% below INTERSECTION Indigo Drive & Charleston Boulevard market rents of like kind office properties within the immediate area. It would be incredibly difficult to replace this asset, due SQUARE FOOTAGE ±20,774 to an absence of available land for commercial development in The JGS Group, Douglas M. Edwards, P.C, Michael J. Mona, the sub-market. TENANTS Jr., Wiley Law LLC, Naylor & Braster, Envision PURCHASE PRICE $5,500,000 ($264.75 PSF) ACTUAL CAP RATE 6.14% PROFORMA CAP RATE 9.99% NOI $348,116.46 LEASE TYPE Full service gross on most leases RENTAL ESCALATIONS 3% on average YEAR BUILT 2004 LOT SIZE ±1.5 Acres HIGHLIGHTS AREA DESCRIPTION In 1952 Howard Hughes purchased a ±25,000 acre parcel in Southern Nevada to possibly relocate his California based airline operation. Hughes ended up not relocating after all.