LAS VEGAS, NV (July 1, 2014)
-InsideTheGate.com staff report
Westgate Resorts announced yesterday that it has completed the long-rumored purchase of the former Las Vegas Hilton, now called simply the LVH (Las Vegas Hotel & Casino). The company took immediate possession of the property, and the LVH letters on the famous fan-shaped marquee at the entry of the resort are scheduled to be replaced with the Westgate Resorts logo early this morning.
Terms of the deal were not revealed but it is generally estimated that the hotel, which was built by Kirk Kerkorian and home to Elvis during his performances in Las Vegas, was sold for $150 to $170 million, hundreds of millions less than its value several years ago.
The resort will now become The Westgate Las Vegas Resort & Casino; it joins its sister resort Westgate Flamingo Bay, the company’s first timeshare resort in Las Vegas which opened in 2001.
Previously owned by Goldman Sachs and Gramercy Capital and operated by the Navegante Group, the new Westgate Las Vegas has 2,956 hotel rooms and 305 suites. Located next to the Las Vegas Convention Center, it is 30 storys tall with a 74,000 square feet casino and is also home to the largest sports book in Las Vegas. It also has its own 200,000 sq ft convention center, and a Las Vegas Monorail station.
Details such as renovations, a time table and the specs for the number and configuration of future timeshare units have yet to be revealed. But in a statement David Siegel said, “Although a selection of our rooms will be converted into timeshare villas, it is important to know that our resort hotel and legendary luxury suites will remain open to Las Vegas visitors and tourists, for vacations and conventions. We will be providing the best of both worlds on our resort property.” Siegel further added, “Las Vegas is the center of the universe for luxury destination resorts and the new Westgate Las Vegas Resort & Casino is at the center of the Las Vegas renaissance.”
Financing is being provided by Western Alliance Resort Finance, a division of Western Alliance Bank. “We are delighted to have the opportunity to begin this relationship with Westgate as one of the premier developers in the industry and to provide the financing for this exciting project,” said Robert Sarver, Western Alliance President and CEO. Added Tom Dugan, CFO of Westgate Resorts, “It was a pleasure working with the Western Alliance Resort Finance team on this transaction.”
You can view the new resort online at http://www.westgatelasvegasresort.com/
Updated July 2, 2014 2:45pm
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