TIMESHARE HITS THE STRIP

It's not the first timeshare property on the Las Vegas Strip, but it certainly will be the most flashy. A mid-January groundbreaking marked the start of construction on twin 50-story vacation ownership and condominium towers next to the Aladdin (soon to become the Planet Hollywood Hotel & Casino).

Planet Hollywood partnered with Orlando-based Westgate Resorts to create and operate the $750-million complex, which the developers say will be the first timeshare resort directly connected to a major casino-hotel. The renovation and transformation of the Aladdin to Planet Hollywood will be complete later this year, while the timeshare towers open in late 2007.

While the majority of active real estate development in Las Vegas centers on condo hotels, the Planet Hollywood project will primarily be a timeshare operation: the towers have 1,200 keys, of which just 28 will be luxury condominiums (ranging in size from 4,000 to 10,000 square feet with prices starting at $4 million). The remainder will be one- to four-bedroom vacation ownership units.

In addition to amenities in the casino-hotel, the tower will have a full array of public facilities, including two pools, fitness center, 35,000 square feet of meeting space and several food and beverage outlets.

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