Diamond Resorts Closes IPO; Condo Resale Sets Record at Cosmopolitan

Las Vegas’ wild entertainment and gaming environment makes some people forget that a huge amount of business is what backs up the sprawling Strip investments and luxurious resorts. Diamond Resorts International Inc., a company that owns several Las Vegas hospitality venues including Cancun Resort, Desert Resort and Polo Towers Suites has recently announced the closing of its IPO offering an aggregate of 17,825,000 shares of common stock, at the initial offering price of $14 per share. According to company data, Diamond Resorts gained net proceeds totaling $210,185,500 before deducting offering expenses payable by the company.

A significant Las Vegas player has opened a new chapter. Diamond Resorts International Inc. is now the most recent hospitality and gaming company to complete an initial public offering.

Diamond Resorts, whose local assets include Cancun Resort, Desert Resort and Polo Towers Suites, closed its IPO of 17.8 million shares of common stock at an initial offering price of $14 per share. According to company data, Diamond Resorts’ proceeds totaled $210,185,500 before deducting offering expenses.

In all, Diamond Resorts owns a network of 296 vacation destinations in 32 countries, including properties in Las Vegas, Hawaii, Mexico, the Caribbean, Asia and Africa.

In other news, a local multi-family record fell in early July when a 599-square-foot condominium on an upper floor of the Cosmopolitan fetched a fee of $675,000, VegasINC magazine reported. That translates to $1,127 per square foot, a new mark for a Las Vegas condominium resale, according to Luxury Real Estate Management.

At a time when median prices for previously owned residential properties sit around $96 per square foot, the price for the Cosmopolitan condo is enough to raise eyebrows. The unit’s owners reaped a $25,000 profit on the deal, the publication said.