Former Las Vegas Hilton Sold in Foreclosure
by Michael J. ShapiroNovember 7, 2012
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The 2,973-room LVH casino hotel, formerly the Las Vegas Hilton, was sold in a foreclosure auction last week. An affiliate of Goldman Sachs, which had been a primary lender to and investor in the Las Vegas Hilton, partnered with Gramercy Capital Corp. to purchase the property. The hotel will be managed by casino development and management firm Navegante Group. Although terms of the deal weren't publicly disclosed, the deal could mark the onset of more than $1.5 billion in Las Vegas gaming investments, according to Colliers International Gaming Group, which also cited The Linq and Skyvue construction projects as well as renovations to SLS Las Vegas and Bill's Gambling Hall. Goldman Sachs has no immediate plans for changes to the property, according to Vegasinc.com, and will likely rehire nearly all of LVH's 2,200 employees. The hotel-casino has continued to operate throughout the foreclosure and sale, and is booking group business for next year and beyond, according to the report.