could begin in 12 to 18 months, with a possible opening in three years. Sherman also said that construction would cost between $60 million and $80 million. Demolition of the two-story, 130-room Econo Lodge was approved in November 2003. Construction and opening Platinum Condominium Development, LLC was formed as a joint venture between Marcus Hotels and Resorts and Diversified Real Estate Concepts, Inc. On January 27, 2004, it was announced that the project would be known as The Platinum Suite Hotel & Spa. Diversified Real Estate would be responsible for marketing The Platinum, and would oversee construction with Marcus Hotels, which would operate the hotel upon its opening. The Platinum's 255 units were to range between and , with prices between $300,000 and $1 million. Construction was expected to begin in late August or early September 2004, with a scheduled opening in early 2006. The Platinum sold out all its units in 39 days. In January 2005, McCarthy Building Companies expected to begin construction later in the month, with completion expected for spring 2006. In April 2005, Residential Constructors – a subsidiary of McCarthy Building Companies – completed the Platinum's foundation after a 17-hour concrete pour, making up 5,300 cubic yards of cement. Approximately 50 construction workers monitored the process, which required 60 concrete trucks to maintain a pour of 440 cubic yards per hour. Most of the property was taken up by the foundation. The Platinum was scheduled for completion in May 2006. Residential Constructors topped out the 17-story tower on December 15, 2005. Construction, expected to cost $112 million, was on track for completion in May 2006. The Platinum opened on October 25, 2006, with construction costing a total of $120 million. The project includes of total living space. Amenities included a fitness center, a spa, a lounge, a restaurant, 24-hour room service, concierge, valet parking, an indoor-outdoor pool, and a rooftop terrace. The Platinum was among the first condo hotels to open near the Las Vegas Strip. In January 2007, Peterson sold his share of the Platinum to Marcus Corporation. In October 2008, Luxury Suites International was in negotiations to manage units at the Platinum. Lawsuits In July 2009, 24 buyers of the Platinum's condominiums filed lawsuits against Platinum Condominium Development LLC and Marcus Corporation, alleging that they breached contracts by failing to market the buyers' units for rental purposes. The lawsuit also alleged that Platinum and