The 3,000-room Monte Carlo will undergo a two-year, $450 million makeover that will create a new luxury brand for MGM Resorts International and bring the NoMad Hotel concept to the Strip.

MGM and the New York-based Sydell Group announced Friday that work on the transformation of the property, which will become known as Park MGM, would begin this year and be completed by the end of 2018.

The design of Park MGM, a 2,700-room luxury property, will build on the property’s history, incorporating European design influences while retaining a branding connection to The Park, the company said.

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