Update: LVH Has Been Sold
Time to ransack the gift shop!
The Las Vegas Hotel has been sold to Westgate Resorts for roughly $150 million bucks. @Johnnykats has the news.
Some of you may remember the documentary The Queen of Versailles which documents the crash of Westgate owner David Siegel's fortune, including an inside view of his losing control of the PH Towers/Westgate property."
Westgate plans to dump the LVH name promptly, rebranding the famed home of Star Trek: The Experience, Elvis: The Pelvis and 80's high roller heaven as a Westgate. Didn't we just do this?
I reviewed LVH in 2012, just as Goldman Sachs was taking control from defaulting owners and found the hotel to be immaculate bargain of all bargains.
Of all the possible suitors for LVH, I wouldn't have guessed Siegel / Westgate were among them, instead putting my money on existing players looking to move up or back in - George Maloof, the Stevens brothers, Phil Ruffin or Alex Yemenidjian. The soon-to-be former LVH is a stellar property, hindered by location but aided by proximity to conventions. The obvious path was to continue on the convention path, but turn it into Palms west by adding party pool components and amping up the offerings a little. Then again, operating a sleepy hotel is a plus in a lot of people's books.
Thanks VT superfriend Jay Z for the tip!
Update: the press release dropped this morning:
WESTGATE RESORTS ANNOUNCES THE ACQUISITION OF THE LVH - LAS VEGAS HOTEL & CASINO Resort will be rebranded as the Westgate Las Vegas Resort & Casino on July 1, 2014 Las Vegas, Nevada (July 1, 2014) - Westgate Resorts is proud to announce the acquisition of the LVH - Las Vegas Hotel & Casino as the newest addition to its portfolio of 28 resorts. Westgate LVH, LLC, which is wholly-owned by Westgate Resorts, Ltd., has acquired 100% of the membership interests in 3000 Paradise Road, LLC, the owner of the LVH - Las Vegas Hotel ("LVH") & Casino. The property was formerly known as the Las Vegas Hilton and will be renamed Westgate Las Vegas Resort & Casino. The LVH is a landmark property that, at one time, was the largest hotel in the world and was home to such legendary greats as Elvis Presley and Liberace during Vegas's golden age. The new Westgate Las Vegas Resort & Casino is located just one block off the world-famous Las Vegas Strip, is adjacent to the Las Vegas Convention Center, and is one of seven stations on the Las Vegas Monorail. David Siegel, Founder and CEO of Westgate Resorts, proudly announced, "Westgate Las Vegas Resort & Casino will set the standard for service in Las Vegas." Siegel adds "We are very excited to be taking this important part of Vegas history and reinventing it for the next generation of Las Vegas visitors." This iconic resort is 30 stories tall and is home to the largest freestanding sign in the world at 279 feet. With nearly 3,000 rooms, including 300 opulent suites, Westgate will convert some of the rooms to luxury timeshare villas while still operating the resort hotel rooms and suites. Westgate Las Vegas Resort & Casino features a 95,000 square foot casino with a wide array of table games and the hottest slot machines on the market, 200,000 square feet of meeting and convention space, incredible restaurants - including the largest Benihana restaurant in the United States, endless entertainment, a spa and fitness center, expansive pool with luxurious cabanas, access to golf at the exclusive Las Vegas Country Club, and the world's largest race and sports SuperBook. "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," explained Siegel. "We will be providing the best of both worlds on our resort property," said Siegel. 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." Westgate Resorts closed on the property on June 30, 2014, and will retain Navegante Group, a well-known casino management company that has been managing the property since October 2012, to continue to operate the property.
The new website is live at westgatelasvegasresort.com.
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