Hilton

Las Vegas Hilton's new name reflects loss of Hilton franchise

9 Dec, 2011

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The 2,950-room hotel adjacent to the Las Vegas Convention Center lost its Hilton franchise and will be known as the LVH-Las Vegas Hotel & Casino, beginning Jan. 3, according to the Las Vegas Review-Journal. Click here to see the new website.

The hotel is owned by Los Angeles billionaire Thomas Barrack's Colony Capital LLC, which has been involved in a court battle with its lender, Goldman Sachs Mortgage Co.

According to today's report, the hotel defaulted on its $252-million term loan and Goldman Sachs has been seeking a receiver to take over management and considering foreclosure.

In June the Las Vegas Review-Journal reported that Hilton Worldwide notified Colony Capital it would terminate its franchise agreement by the end of this year.

At that time, property spokesman Owen Blicksilver told the Review-Journal, "We have been in discussions with other major hotel brands and may re-engage with Hilton in the coming months regarding a new franchise agreement. We expect to announce an affiliation with a major hotel chain before year's end."

 

Topic : Hilton, Las Vegas, Goldman Sachs, Foreclosure
External Source : Las Vegas Review-Journal