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by Michael J. Shapiro | September 05, 2012

The 2,950-room LVH hotel-casino, formerly the Las Vegas Hilton, will likely be purchased out of foreclosure in November, according to statements published on VegasInc.com. The hotel, which has been in foreclosure since September 2011, will likely be bought by Goldman Sachs Mortgage Co., its chief creditor, and partner Gramercy Capital. "We believe it is likely that this joint venture will be the successful bidder of the property and, if so, they intend to continue operations at LVH," said LVH spokesman Kurt Ouchida in a statement published on the site. "Since entering the foreclosure process, the LVH has continued to conduct business as usual," Ouchida's statement continued. "We have booked group and convention business for 2013 and beyond and will be providing the same excellent service and value experience to all of our guests and group customers without fail. We will do everything in our power to make the transition of the impending foreclosure sale as smooth as possible." The exact date of the November sale is still to be determined.