Caesars Republic Scottsdale, the Valley’s highly anticipated luxury hotel, is set to open on March 6, marking the first nongaming hotel from Caesars Entertainment Inc. Reservations for the property, overseen by HCW Development, are now open starting April 1. Situated near Scottsdale Fashion Square, the 11-story, 265-room hotel boasts 20,000 square feet of event space already booked for functions and weddings through 2025. Featuring five luxurious top-floor penthouse suites and 28 luxury suites, including wellness suites and a bridal suite, the hotel offers rooms ranging from 331 to 483 square feet. With an estimated cost of $112 million, the hotel enriches the hotel landscape in the Phoenix metro, which ranks among the top three cities in the U.S. for new hotel construction.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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