What's been rumored for the past 2 weeks has finally been confirmed - the Krystle Towers Condo Hotel project, formerly known as Krystle Sands has been sold to Turnberry.
Turnberry principal Jeffrey Soffer said he's entered escrow to purchase the property for an undisclosed price, which is believed to be in the $85 million range. Not bad for Krystle Sands developer Freddie Schinz, who purchased the property back in July for $26 million.
The Krystle Towers website indicates that futher detailed information will be forthcoming in the next 7 to days 10 days. In the meantime, it seems certain that those who've purchased units in the project will have their monies refunded from title.
How this will affect the other high rise projects in town is unclear, but the smart odds here say Las Vegas is still a High Rise Condo Hotel town regardless of the outcome of this situation.
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