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Old 04-01-2010, 10:22 AM
 
Location: North Las Vegas
1,631 posts, read 3,947,242 times
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It's not just Mr. Maloof, it's all the condotel communities,as well as the regular owners do that as well. Even regular highrise properties that still have unsold units as well. Of course they want to rent them out and keep some money coming in while waiting for the market to turn. It makes good business sense. Anyone sitting on any kind of property is trying to put a renter in until the market turns.
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Old 07-21-2015, 12:02 AM
 
210 posts, read 250,253 times
Reputation: 126
any more info on this hotel. lets hear your comments happy owners!
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Old 07-21-2015, 09:30 AM
 
Location: North Las Vegas
1,631 posts, read 3,947,242 times
Reputation: 768
Palms Place has been owned by a whole different conglomerate. Here is an older article that address's the new ownership take over.

Unfortunately all the Casino's have taken a hair cut and the Palms also hit some hard times during this economic melt down.




Maloofs' stake in Palms at 2 percent
Maloofs' stake in Palms at 2 percent | Las Vegas Review-Journal

The new owners have been selling the remaining units, they don't do in house financing there are some out side lenders that will lend in Palms Place. Condotels are non-warrantable properties so they require special financing. The down payment is usually 20% with a higher interest rate and short term loan.
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