The project was approved in 2003, and began construction in 2005, as a joint venture between Diversified Real Estate Concepts, Inc. and Marcus Hotels and Resorts.

[7] Peterson had developed several restaurants and condominiums in Chicago and Wisconsin,[8][6] and was also planning the nearby Aqua Blue condominium/hotel/casino in Las Vegas until its cancellation.

[9] In October 2003, the Clark County Commission approved plans for a 24-story, 210-foot condo hotel with 255 rooms to be built on the 1.7-acre (0.69 ha) property, located at the southeast intersection of East Flamingo Road and Koval Lane.

[11][12] At the time of approval, Robert Sherman, the architect for Diversified Real Estate's Las Vegas projects, said that construction could begin in 12 to 18 months, with a possible opening in three years.

[8] 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.

[12] 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 lawsuit also alleged that Platinum and Marcus had not properly shared rental revenue with the buyers, that they fraudulently withheld information regarding the project's development, and that they violated the Nevada Deceptive Trade Practices Act.

[23] Attorneys for Marcus stated that one of the plaintiffs was "apparently plagued by buyer's remorse now that the Las Vegas real estate and tourism markets have collapsed on an unprecedented scale."