The Signature at MGM Grand features amenities such as a lounge and workout facility. Photos by John Gurzinski. The one bedroom features a full-size refrigerator and dishwasher. Each room features a king-size bed. The studio has a kitchenette complete with a blender, coffee maker, toaster, microwave and dishes. A guest waits in the lobby of The Signature at MGM Grand. Three hotel-condo towers are planned featuring studios and one-bedroom units people can buy. When the owners are not using them, the hotel rents the rooms and shares the rental fee with the owners.

When The Signature at MGM Grand opened in June, it became the first hotel-condominum on the Strip.

And though it is one of a handful of luxury boutique hotels, including the Four Seasons, The Hotel at Mandalay Bay and Spa at Bellagio, it is the only one where rooms are owned by individuals.

Condominium hotels exist in other cities, such as Miami Beach, Fla., but the concept is a new one for Las Vegas, noted Dan Riordan, director of sales for The Residences at MGM.

"I think it's a natural progression of Las Vegas. It's the best of both worlds. You're in MGM, you have the amenities and excitement of a large resort and also the service of a boutique-style hotel," said Frederic Luvisutto, executive director of The Signature at MGM Grand.

The first of three towers opened in June, with tower two scheduled for a November opening. Both are sold out, and 18 percent of the third tower remains unsold. It is scheduled to open in May, Luvisutto said.

In 2004, MGM partnered with Turnberry Place to sell the 1,728 rooms to individual owners. Turnberry was involved with the construction, design and sales of the project, Riordan said.

They're marketed and sold as The Residences at MGM, but as each tower sells out it is turned over to MGM and renamed Signature, Riordan said. Prices range from $450,000 for studios to as much as $1 million for a one-bedroom unit.

Each tower has 38 floors and 576 studio and one-bedroom units. Both come fully furnished with flatware, dishes and furniture. The studio measures about 550 square feet and features a kitchenette with a small refrigerator. One-bedroom units are 950 square feet and have kitchens with full-sized appliances, including refrigerators and dishwashers.

Both kinds of rooms feature a Jacuzzi bathtub, marble countertops, digital televisions, iPod radio and other amenities.

Guests reach The Signature via a private walkway adjoining the two hotels or by valet parking at the buildings.

Owners of the units bought them as second or third homes and may use them only a few weeks each year, Riordan said. When they're not there, MGM rents out the rooms as hotel rooms, splitting the proceeds with the owners.

Guests who come to stay are usually visiting for about three days, Luvisutto said. Customers are high-end, paying about $200 to $300 a night for introductory rates, which will go up to about $400 to $500 a night.

"The design is very luxurious. We expect people who will want to be pampered," he said.

Riordan said that condominium hotels won't replace traditional hotels, even though other Strip projects are in the works, including Trump.

Its impact on the hotel business will be "it gives them more rooms to rent on a basic level. You're getting the kind of guest you like to have at your property. You may not get all the money (from rent) but guests are spending money at your resort," Riordan said. "It's a home-run venture for a Strip property. Chances are they'll spend more time with you than elsewhere. It builds brand loyalty."