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Vdara (/ v ə ˈ d ɑːr ə / və-DAR-ə) [1] is a condo-hotel and spa within the CityCenter complex, located on the Las Vegas Strip in Paradise, Nevada. It was designed by Rafael Viñoly, and is located across from CityCenter's Aria Resort & Casino. Vdara opened on December 2, 2009 as a joint venture between MGM Resorts International and Dubai ...
Dubai World later threatened to withhold further financing due to cost overruns, before reaching an agreement with MGM. CityCenter was completed at a cost of $8.5 billion, making it the most expensive privately funded construction project in U.S. history. Vdara was the first property to open at CityCenter, debuting on December 2, 2009.
Aria has been operated by MGM since its opening. In 2021, MGM bought out Dubai World's ownership stake in Aria and the nearby Vdara hotel, gaining full ownership of both. [3] That year, MGM sold the two properties for $3.89 billion in cash to The Blackstone Group, which leased them back to MGM for an annual rent of $215 million. [17] [18] [19]
On August 22, 2007, Dubai World said it would buy a 9.5 percent stake in MGM for about $2.4 billion. It would also invest about $2.7 billion to acquire a 50 percent stake in MGM's CityCenter project. Dubai World would pay MGM Mirage an additional $100 million if the project opened on time and on budget.
Dubai World was established under a decree ratified on 2 March 2006 by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai. He is also the majority stakeholder in Dubai World. [citation needed] On 2 July 2006, it was launched as a holding company with more than 50,000 employees in over 100 global cities.
The world economic recovery from the Great Recession resulted in a rebound for the Dubai real estate market: it was reported that "residential prices [in Dubai] rose by 17.9% from August 2012 to 2013, while rents soared by 14.9% in the same period". [25]
Burj Azizi is a skyscraper to be built as a centrepiece of Sheikh Zayed Road, in Dubai, United Arab Emirates.It will have 133 floors for various purposes. [4] Burj Azizi could be the world's second tallest building once completed, if it reaches the proposed height of 725 meters.
Dubai Parks and Resorts overview. Dubai Parks and Resorts is a resort located in Dubai, United Arab Emirates. [1] Spread over 25 million square feet, [2] it features more than 100 rides and attractions, and consists of three theme parks: Motiongate Dubai, Real Madrid World (Formerly Bollywood Parks Dubai) [3] and Legoland Dubai, [4] and one water park: Legoland Water Park. [5]
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