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Westgate Resorts Announces The Acquisition Of The LVH - Las Vegas Hotel & Casino
LAS VEGAS, July 1, 2014 /PRNewswire/ --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.
For more information or to book accommodations at the new Westgate Las Vegas Resort & Casino, call toll free at (800) 732-7117 or log on to www.westgatelasvegasresort.com.
ABOUT WESTGATE RESORTS
One of the largest privately owned timeshare companies in the world, Westgate Resorts features luxury resorts in premier travel destinations such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; Mesa, Arizona; and Tunica, Mississippi. Founded in 1980 by David A. Siegel, Westgate Resorts develops and operates uniquely themed destination resorts that include luxurious accommodations, destination health spas, water parks, restaurants and retail shopping outlets. For more information about Westgate Resorts, visit www.westgateresorts.com.
Navegante, founded in 1995 by long-time casino executive Larry J. Woolf, is a full-service gaming company that offers consulting, development, leasing, and management capabilities along with executive recruiting services through its casinorecruiter.com division. Consisting of an elite group of professionals with unparalleled experience and capabilities in the development and management of hotel and casino projects, Navegante is licensed by gaming regulators in numerous jurisdictions and can promptly obtain gaming licenses in most municipalities that have or are considering gaming.
About Western Alliance Bancorporation
Western Alliance Bancorporation was founded by a successful group of veteran bankers and business leaders focused on serving businesses, entrepreneurs, real estate developers and others seeking a premier level of responsiveness for business banking. Today, Western Alliance Bancorporation is one of the top 100 publicly-held banking companies in the nation. Through its primary subsidiary, Western Alliance Bank, the bank provides full service banking in Arizona, California and Nevada and a national platform of related financial services.
SOURCE Westgate Resorts
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