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David Siegel buys LVH (former Las Vegas Hilton)

ricoba

ricoba

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Rumor: Former Las Vegas Hilton (now LVH) to Become Westgate Timeshare?

So, that "stellar reporter" for the Las Vegas Sun, Robin Leach, (yes, Lifestyles of the Rich & Famous guy) is fanning the rumor flames that the former International/Las Vegas Hilton now LVH is going to become a Westgate Timeshare! :eek::eek::eek:

Here is the link from today's Las Vegas Sun.
 
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Unbelievable!! David Siegel of Westgate fame has reportedly bought the LVH and plans to turn it into timeshares!
 
The rumor was posted here on the US - Western forum yesterday. I guess it is true! I guess David never got over losing the PH tower, and still wants a big presence in LV. Interesting.

Kurt
 
As I gaze into my crystal ball, I see a future of more and more new Wastegate buyers in serious need of help. What a train wreck!

There oughtta be a law--- or at least a sticky (actually 'rescinding Westgate' deserves it's own forum) on how to rescind, and why to NEVER buy a resale from those thieves. An added bonus feature might be an ongoing tally of the million$ of dollar$ TUG saves through developer rescissions.

It would be a public service.

Jim
 
Western Branch Of Central Florida Investments ?

Karen G said:
David Siegel of Westgate fame has reportedly bought the LVH and plans to turn it into timeshares!
Click to expand...
Won't lots of remodeling & renovation & reconfiguring be needed to convert the hotel to timeshare condos ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
One of my favorite TS in Vegas is the HGVC right next door. Any bets on the price difference between the two after Siegel starts selling Weeks.

George
 
AwayWeGo said:
Won't lots of remodeling & renovation & reconfiguring be needed to convert the hotel to timeshare condos ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
Click to expand...

Nah. All he has to do is renovate one or two to show for the presentations. And he would do it.

There are still Europeans that come near where I live to look at the swamp land for the first time that they bought from Siegel decades ago. 100% sad but true.

If someone without the means and connections did what Siegel has done they would be in prison. He is so intimate with those that make the law as well as enforce the law that he is given plenty of leeway. He knows just where he can toe the line.
 
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Another Article About the Sale of LVH to Westgate.

Latest update on the sale to Siegel

Having stayed at the joint in the past year, I can assure you it needs some serious cleaning up and renovations.

I'd think that for the TS owner that loves to play slot machines all night, this will be a great fit, a TS built not next to, or beside, but right on top of a casino! :D

As well, this will be a great location for the convention crowd who have meetings at the LV Convention Center. Much nicer staying in a one + bedroom suite over a hotel room during SEMA or another one of the big shows.
 
There have been many TS which started as hotels. Two of the Marriotts in Maui and Kauai were a hotel before conversion. Personally I do not like these conversions because they just do not seem to get the kitchens right ( I have to have a full size frig and a real stove!!) BUT there are lots of people who seem to be fine with these conversions.

I'd guess they will only do a small number at first and see how it goes. It has to be alot cheaper than building from the ground up.
 
The king is back in Vegas. He see "Big" money to made in Vegas. That is my opinion only.
 
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I wonder if it could affect parking at hgvc karen......I imagine Karen has an agreement on parking but we are talking westgate here.
 
derb said:
I wonder if it could affect parking at hgvc karen......I imagine Karen has an agreement on parking but we are talking westgate here.
Click to expand...

That's a completely different property with it's own parking lot. Westgate isn't buying the convention center. There is a clear separation so there should be no effect.
 
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When we stayed at HGVC -Karen, we parked in the hilton garage next to the TS. That option may go away with this deal.
 
Bill4728 said:
When we stayed at HGVC -Karen, we parked in the hilton garage next to the TS. That option may go away with this deal.
Click to expand...

I see. That north garage is part of the LVH property. If the lot isn't big enough to accommodate I am guessing there will be a lease agreement for the garage. Not a good proposition.
 
Scuttlebutt From a LVH Employee

So, a friend who works at the LVH told us today the change day from LVH to Westgate is July 1.

What the employees have been told is that the new owner, Siegel is going to go to the top of the LVH sign and reveal the new Westgate Resort and Casino sign this coming Tuesday.

I am sure there are some here who would love to see your buddy Siegel hard at work, so why not come by Vegas this week and cheer him and the new resort on!!! :p;)
 
I'm assuming you are talking sarcastically... I think most Westgate former-owners would rather blast him with paintball guns! He'll be sore, he'll be painted, but no bodily harm.

TS
 
According to the news, the deal was closed this morning.

Fern
 
Paper Or Plastic ?

Fern Modena said:
According to the news, the deal was closed this morning.
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Do you suppose the buyer paid cash ?

Or was it more like a credit card transaction ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
 
AwayWeGo said:
Do you suppose the buyer paid cash ?

Or was it more like a credit card transaction ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.​
Click to expand...

Probably a short term loan like 10 years. I am thinking that this loan will be paid off in five to six years because The King is going to sell a lot of rooms at some very high prices. At huge profit gain for Westgate. That is my freedom of speech opinion only.

John Chase is turning over in his grave.
 
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I was mistaken. It was announced today. Official ownership change is tomorrow, July 1st, as Rick previously stated.

IMHO it was a lousy location for a hotel, and is just as lousy a location for a timeshare. I wouldn't walk to The Strip from there, that's for sure. There is a reason it has changed hands several times lately.

Do you think Siegel will try to get a casino license, or hire somebody who already has one? Or do you think he will remodel the space into something else? The whole thing needs a huge makeover. Very dated.

The only thing I worry about is that the only Benihana in town is (was?) there. I guess I'll have to patronize Osaka instead.

Fern
 
Oops, Jinx! Same idea, same time.

Fern
 
Fern Modena said:
IMHO it was a lousy location for a hotel, and is just as lousy a location for a timeshare. I wouldn't walk to The Strip from there, that's for sure. There is a reason it has changed hands several times lately.

Do you think Siegel will try to get a casino license, or hire somebody who already has one? Or do you think he will remodel the space into something else? The whole thing needs a huge makeover. Very dated.
Click to expand...

Agreed not the worlds greatest location except for conventions. If Siegel is smart, then he'd prudent to market the timeshares to corporations. There was a rumor back when we owned at HGVC on Karen Street (right next door) that Microsoft owned a lot of weeks there for their employees when they had to be in town for a convention such as CES.

Another plus for the place is it's right on the monorail line with its own station.

Interesting question about Siegel and a gaming license. I hadn't thought of that. They may lease out the casino to another operator like the Marriott does up at Rampart.

Agree the place is run down. It still shows a glimmer of its former glory, but I think that's one reason Hilton dropped their franchise, general maintenance was not being kept up to a Hilton standard. Let's see how the new guy works out. There must be a ton of differed maintenance, so we will see how deep his pockets are.

Someone also asked about parking. As I remember all the property was owned by the Hilton Hotel. The timeshare just leased the parking spaces and the site for the TS.

I know Westgate is hated on TUG. I don't have any dog in the fight and could care less if the place was the Hilton, the LVH or a Westgate. Just as long as it's still in operation and cared for. This town doesn't need another big empty casino site.
 
An Interview With Siegel About the New Westgate

Today's Las Vegas Review Journal has an interview with Siegel about his plans for the LVH (tomorrow, Westgate Resort & Casino). Read the full article and you get to see a smiling Siegel. :D

I found a couple of points interesting.

Currently only converting enough rooms to have about 200 timeshare units.

Put a coffee shop off the casino floor (currently it's quite a hike to the coffee shop)

Convert the Star Trek Experience area into a club.

Improve the pool and start a dayclub

Have shuttles to the convention center for hotel guest attending conventions.

Build low-rise and mid-rise structures on the property which is 62 acres in total.

Will be interesting to see what's hype and what becomes reality.
 
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