Marathon Asset Management has agreed to partner with the Hyatt hotel chain and will buy out Ian Bruce Eichner, keeping the Cosmopolitan Resort and Casino alive.
Eichner was facing foreclosure on the project as lending requirements have tightened in recent months.
Marathon, a global hedge fund based in New York, and Hyatt will finance the remainder of the project. Hyatt will manage hotel and convention facilities when the resort is completed.
Marathon was a lender to the Cosmopolitan. The property is scheduled to open in December 2009.