LAS VEGAS, NV (May 11, 2010) — Tutor-Saliba Corp., a subsidiary of Los Angeles, CA-based Tutor Perini Corp., filed a foreclosure lawsuit May 10, 2010 against Westgate Planet Hollywood Las Vegas LLC, asking the court to force the sale of the PH Towers Westgate in order to satisfy a $19.3 million lien Tutor-Saliba has against the company.
Tutor-Saliba claims the developer has failed to pay $19.3 million in construction costs which is due under a 2007 contract. The company filed a lien against the project in April, which was duly served. The company says in the lawsuit it is now entitled to foreclose on the project and that its claim is superior to claims of lenders against the project.
The claim in the lawsuit says, “In violation of (state) statute, Westgate has failed and/or refused to timely pay Tutor-Saliba monies due and owing.”
According to David Siegel, the 75-year-old developer of PH Towers Westgate, the resort is the largest single timeshare building ever built in the world and stands among the most luxurious properties of any kind in the Las Vegas market. Directly connected to the Miracle Mile shops and adjacent to the Planet Hollywood Resort & Casino complex, PH Towers Westgate is the first vacation ownership resort to be fully integrated with a major resort and casino.
Opened in December 2009, the 52 story blue glass tower boasts over 1,200 upscale villas ranging in size from 450 to 2,200 square feet, each complete with full kitchens; oversized jetted tubs; state-of-the-art room management and entertainment systems; and dazzling views of the Las Vegas Strip. A majority of the villas also include a 10 foot wide high definition movie theater. Another unique feature of PH Towers Westgate is the sleek and upscale lobby directly overlooking an exotic tropical pool, complete with a sandy beach and forty private cabanas that are conveniently located only a few feet from the resort elevators.
Siegel’s timeshare empire has recently fallen on hard times, joining many other timeshare companies suffering under the current economic crisis. His company, Central Florida Investments, recently put about $350 million of assets up for auction, including real estate and other businesses. In addition, he has listed his unfinished 90,000 sq. ft. mansion in Central Florida on the market for $100 million.
CFI/Westgate Resorts is currently billed as the largest privately-held timeshare company in the world and the largest privately-held company in Central Florida.