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Deutsche Bank Forecloses on Cosmopolitan in Vegas

Aug 11, 2008 - Source: Reuters

Despite efforts by developers to find new partners, Deutsch Bank will foreclose on the Cosmopolitan Resort & Casino on the Vegas Strip. In January, Ian Bruce Eichner's group, 3700 Associates LLC, defaulted on a $760 million construction loan for the project.

Deutsche Bank will seek partners to operate the partially built 3,000-room resort, estimated to cost $3.5 billion. Global Hyatt, Starwood, and Hilton reportedly have been approached about possible involvement.

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