Loan Safe reports that the operator of the LVH hotel-casino in Las Vegas said its chief creditor and a partner intend to buy the property out of foreclosure in November and then continue operations. A court-appointed receiver has been running the property under an agreement reached in January between its owners, Colony Capital and Goldman Sachs. That agreement contemplated that the property would be foreclosed on after defaulting on its $252 million mortgage.
The deal was reached during court proceedings where it was suggested Goldman Sachs would eventually fold the LVH into the Las Vegas-based gaming company it owns, American Casino & Entertainment Properties LLC, owner of the Stratosphere and three other gaming properties in Las Vegas and Laughlin. The LVH on Paradise Road has 2,950 rooms.