Penthouse near Las Vegas Strip fetches $100,000 a night during F1 race

Formula 1 racers are still over a year away from hitting the Strip, but many Las Vegas hotels are already fully booked.

Vacation property owner Bryan Ercolano is also looking to cash in.

His portfolio includes the 59th-floor penthouse in the Palms Place tower, and he wants to rent it for $100,000 a night, with a three-night minimum, during next fall’s race.

“I think we’re going to get closer,” said Ercolano, founder of TurnKey Pads.

He said there had already been interest in the place, which occupies the the entire top floor of the towerlocated next to the Palms Hotel and Casino on Flamingo Road about 1.5 miles west of the Strip.

Casino hosts approached his company on behalf of players, as did people who went to the F1 race in Miami this spring, he said.

Its outdoor terrace offers a distant view of Las Vegas Boulevard between Bellagio and Caesars Palace, a crossroads surrounded by pedestrian walkways, just that. But Ercolano noted that guests could walk to the high-speed race and hear the buzz of the action from the penthouse.

F1 announced in March that it would hold a race in Las Vegas in November 2023, saying the 14-turn track would stretch for 3.8 miles and top speeds could reach around 212mph. Last week he announced the dates for the event, from November 16 to 18.

The itinerary is designed to include a section of the Strip and nearby roads.

Crowds will likely be massive. As seen on on Friday, dozens of hotels in the Las Vegas area are fully booked this weekend, including what appeared to be virtually everything on the Strip.

On Friday, only 11 properties showed availability via the site for the F1 weekend. They included Red Rock Resort in Summerlin with room rates starting at $899 per night; a downtown motel from $642 a night; and a motel in Boulder City from $558 a night.

Ercolano’s group acquired the Palms Place penthouse for nearly $12.5 million in fall 2019. It features over 6,000 square feet of interior space, floor-to-ceiling windows, a DJ booth , an outdoor hot tub and a movie screen.

Ercolano said it costs $5,000 and up to rent on weekdays, and typically between $8,000 and $10,000 per night on weekends with a two-night minimum. Rentals can include a DJ, butler services and a private chef.

And, being Vegas, the place can get messy.

Ercolano said someone tried to stick the pizza to the ceiling and people “fell through the walls.”

“I wouldn’t go in the hot tub, I would say that,” he noted.

Contact Eli Segall at [email protected] or 702-383-0342. To follow @eli_segall on Twitter.

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