The LVH, formerly the Las Vegas Hilton, was Sold on October 31, 2012 during a foreclosure auction. It was purchased by Gramercy Capital Corp. and Goldman Sach Mortgage Co LLC, both of whom are investors in the the LVH (which is supposed to mean Las Vegas Hotel & Casino btw…)
The property had major financial trouble and defaulted on the mortgage, which has roughly $310 million owing on it earlier in October.
What does this mean for LVH fans? Currently, not much. There are no changes expected in the very near future. The new owners have contracted the Navegante Group Las Vegas to run the properly.
Even all the employees (at least most of them) are expected to be re-hired under the new ownership.
The Hilton bailed out of the “LVH” nearly a year ago. Even with potential changes, the far north end of the strip has been falling apart, and there isn’t much up there to draw a crowd to the properties.
LVH Sold
Leave a Reply