Ritz-Carlton Lake Las Vegas, a 348-room luxury resort in Henderson, Nev., will permanently shut down May 2. The owners, Deutsche Bank, have announced they will cease funding, leaving Ritz-Carlton "no choice but to close," noted Ritz-Carlton spokesperson Vivian Deuschl. This is the first time the hotel company has ever had to close a property due to lack of funding, according to Deuschl, who added that the decision was directly attributable to the economic climate and the lack of demand for luxury meetings in the Las Vegas area over the past year and a half. Ritz-Carlton will work with the hotel's 315 employees to find them positions at other Ritz-Carlton or Marriott properties, although all have indicated they will remain until the closing. Many local hotels also have expressed interest in hiring personnel from Lake Las Vegas, said Deuschl. As for events scheduled after May 2, Deuschl explained that the hotel team has made a "major outreach" to contact every client before news of the closing broke, and Ritz-Carlton is working to relocate meetings to alternate Ritz-Carltons, Marriotts or other properties, depending on the clients' needs.