The Palms Hotel and Casino has long been known as one of Las Vegas' "hippest" places to hang out, featuring the Ghostbar and Rain Las Vegas, where celebrities are often seen. Adjacent to the hotel towers, a 50-story, 520-foot condominium hotel and spa will now be built named Palms Place that will feature 599 condominiums. Celebrities, major recording artists, prominent sports figures, actors and Palms high rollers are among the first to reserve a residence at Palms Place, which is slated to begin construction in 2006.

Palms Place will be connected to the Palms by an enclosed, elevated, moving walkway, allowing residents 24-hour access to amenities at the Palms.

?Palms Place will be the premier condominium hotel complete with a world-class spa, VIP concierge service and all the action of the Palms lifestyle,? Maloof said. ?The building will be spectacular and will boast wide ranging views of the Strip and Spring Mountains.?

The Jerde Partnership, based in Los Angeles, Calif., is the architect for Palms Place and the new hotel tower. Jerde is known worldwide for its architecture, urban planning and landscape design.

Only one tower will be built at Palms Place, creating a more exclusive environment, according to Maloof. Palms Place will feature a private, gated entryway, a 50,000-square-foot pool and spa, valet parking and more.

The fully furnished contemporary condominiums will range from 600 to 7,000 square feet. Prices range from $500,000 to $7 million.