MGM Mirage Forms JV in China for Resort Development

MGM Mirage Hospitality and Diaoyutai State Guesthouse have created a joint venture to develop and manage a mixed-use project in Tianjin, China, including the opening of a MGM Grand Tianjin luxury hotel. No financials of the plan were disclosed.The joint venture signed a definitive agreement with Sinosteel International Plaza Co. to provide development and management services for Sinosteel International Plaza, which will be built in two phases and will consist of two towers, including the luxury hotel, residential, conference and office components. The MGM Grand Tianjin (pictured) will be an 88-story tower with a 350-key luxury hotel with 50 suites called Skylofts at MGM Grand and 60 luxury MGM Grand condominium residents. The tower will also have a spa and restaurant. “We have a relationship with the Diaoyutai State Guesthouse that calls for the development of several projects throughout China in all the major cities,” an MGM Mirage spokesperson told CPN. “This development was looking for partners, so it moved along a little bit faster for us because the whole project has been in development for a while.” “The economy of China is growing as fast or faster than just about anywhere else in the world right now. There is undersupply of business or resort product available and an ample amount of growing demand,” the spokesperson added. MGM Grand Tianjin is the first project of the joint venture. Groundbreaking for the first phase is expected this month. Sinosteel International Plaza will be a cornerstone of the Xiangluo Bay Project in Binhai New District, a major development area in Tianjin. No targeted completion date was released. On May 19, CityCenter–another joint venture of MGM Mirage, except this time with Dubai World–announced that the resort casino will open in Las Vegas in late 2009 and will be named ARIA Resort and Casino. MGM Mirage owns and operates 17 properties located in Nevada, Mississippi and Michigan, and has 50 percent investments in four other properties in Nevada, New Jersey, Illinois and Macau.Blog Story and Comments