by Kevin Stott | The Las Vegas Sands announced Thursday that it has signed a deal with Starwood Hotels & Resorts Worldwide Inc. to create a residential St. Regis property within the Venetian Palazzo in Las Vegas.
The 398-unit project is predicted to have sales of up to $2 billion. The 1,700- to 10,000-square-foot St. Regis Residences’ units will include butler service as well as access to retailers, spas, restaurants and theaters. The private luxury residences, which are currently under construction, are expected to open in March of 2010.
The news sent shares of Las Vegas Sands (Stock symbol LVS) down $2.94 (-6.53%) to close at $42.10. Shares reached an intraday high of $44.60 and a low of $41.11 in very heavy trading volume of 3,963,208. Shares of the White Plains, New York-based Starwood (HOT) lost 35 cents to close at $36.25 in even heavier trading during the day of 5.075 million shares.