Cromwell Pricing is in...
Started by ndfanwabashman on Friday, 28th February 2014 11:53 am
Last response by HedgedBettor 3rd March 5:13pm
And they are pretty proud of their work. $249 midweek and $299 weekend which would put it in the top tier of Caesars properties if it stays there. On par with an Augustus tower room. Thoughts? Is this going to continue or is it just the rate they throw out until the hype dies down?
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vespajet responded on Friday, 28th February 2014
How long before it starts popping up on Hotwire?
NeverJustJ replied on Sunday, 2nd March 2014
June 15...give or take a week.
jimmybond responded on Friday, 28th February 2014
Resort fee to include complimentary 'oontz'?
ndfanwabashman replied on Friday, 28th February 2014
The credit card sandwich at check in may get your oontz comped.
Okie21 responded on Friday, 28th February 2014
I still say Promwell would have been a better name/theme. Think of the opportunities there: always-black-tie dance club where patrons get to vote for king/queen each night, specials on cheap beer and swill whiskey, photo booth, filet mignon that is rubbery... the list goes on. Misnomer, care to elaborate?
levans responded on Friday, 28th February 2014
Those prices are way too high. The new name will attract people who have never been to Vegas but for those of us who remember the property as Barbary Coast and Wild Bill's it will be hard getting us to stay there especially if the noise level from the roof is high.
MikeE responded on Sunday, 2nd March 2014
When a mid or even lower tier property has as many rooms left in its inventory as all of Cromwell, their rates skyrocket far passed what Cromwell is asking.
To us veterans in the know, it's totally overpriced, but considering their target demographic, I don't think they'll have much of a problem filling those rooms if they can actually deliver on their "boutique hotel" promise.
HedgedBettor responded on Sunday, 2nd March 2014
I said it in the news area but I'll say it again here - why in god's name would I stay at a hotel with a mega nightclub ON THE ROOF RIGHT ABOVE MY HEAD. Dear god no.
And that's a pity, because otherwise it looks like a sweet spot
MattK responded on Monday, 3rd March 2014
"Are you kidding me?" prices may suggest that Caesars intends to fill these rooms with comped guests. Hotel 32 at Monte Carlo does this. The rooms aren't priced to sell, they're used to attract quality players who will be excited at new digs and new room product, and that $249 can be credited against their comp balance, even though the number doesn't reflect any market-driven reality.
OR, a more depressing hypothesis: the capital spent on this reno was justified on the grounds that the new hotel would generate a sky-high ADR. And now they have to actually try to get said ADR, and it's merely a question of how long it will take to recognize reality. (see Cana, Trop I.)
slade replied on Monday, 3rd March 2014
I apologize for my ignorance in advance, however, what is an ADR? Where I work it refers to an Arrest Disposition Report.
Drake replied on Monday, 3rd March 2014
Naw, this all lives or dies with the club crowd, nothing to do with gambling whatsoever. It's all about Drai's and the rooftop pool day club and the 20-something set looking to party. This may be the least gambling-oriented opening in Vegas history.
jimmybond replied on Monday, 3rd March 2014
Average Daily Rate
HedgedBettor replied on Monday, 3rd March 2014
I'd bet against the more depressing hypothesis. Generally you should assume that every time TPG and Apollo invest capital, they do so shrewdly. Not that they're always right (see, oh, the HET privatization) but even when they're wrong, they're wrong in a clever way, not doing something as stupid as assuming that the Cromwell is gonna pull in that kind of rate consistently for small room footprints.
n580564x responded on Monday, 3rd March 2014
I don't get the big deal over the prize. I stayed at a boutique hotel near downtown San Diego, the cost was about $300 a night. I stayed at another boutique hotel outside of San Fransisco and paid about $250 a night. You get things like free wi-fi, I Pod Docks and Honor bars and some freebies. Also, I received some of the best service I have ever received in my life (Not like that crappy service I got at the Wynn), I ran out of towels and called down for more. Fresh towels were delivered within 2 minutes! If the Cromwell lives up to the Boutique Hotel name it will thrive with the hipsters and club folks. I myself will not stay there on one of my family vacations, my reason's are that there are tons of cheaper options and personal favorites like the South Point, the Orleans as well as a few places downtown. I would consider it for a special occassion with the wife though.