LAS VEGAS
Westgate Resorts has announced 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.
"Westgate Las Vegas Resort & Casino will set the standard for service in Las Vegas," said David Siegel, founder and CEO of Westgate Resorts. "We are very excited to be taking this important part of Vegas history and reinventing it for the next generation of Las Vegas visitors."
The 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.
"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," Siegel explained.
Gaming Facilities, Meeting Space and Other Amenities
Westgate Las Vegas Resort & Casino features a 95,000-square-foot casino with a wide array of table games and slot machines, along with the world's largest race and sports SuperBook.
In addition, the property includes 200,000 square feet of meeting and convention space, incredible restaurants, endless entertainment, a spa and fitness center, expansive pool with luxurious cabanas and access to golf at the exclusive Las Vegas Country Club.
Financing and Management Details
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.
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.
