Future Looks Bleak for Former LV Hilton (now LVH)

[ricoba]

Thought some of you would appreciate this article.

If the new company can't even come up with the dough to pay for a new sign and fix code violations, just makes me wonder if the former LV Hilton will follow the Sahara anytime soon. Would not be a nice sight for those who like the Karen Street Club (my own former home resort that we liked very much).

Here's the article from the LV Sun.

 

[itradehilton]

It appears that a lot of people no not want to stay off strip. I wonder what they thought when they bought a property without money to pay for known repairs?

 

[PigsDad]

Misread the post. Deleting...

 

[PigsDad]

Thought some of you would appreciate this article.

If the new company can't even come up with the dough to pay for a new sign and fix code violations, just makes me wonder if the former LV Hilton will follow the Sahara anytime soon. Would not be a nice sight for those who like the Karen Street Club (my own former home resort that we liked very much).

Here's the article from the LV Sun.

If the Las Vegas Hotel closes its doors, would the monorail station remain open? I know the Sahara station is still open after that hotel closed, but I wonder how many riders actually use that station. I could see them wanting to close the last two stations on the line.

And what about the LV Convention Center? I know it is attached to the LVH, but is it a separate property? Seems like there would still be demand for the convention center, but if the hotel closes, I'm sure organizers will think twice before booking a convention or meeting there.

Kurt

 

[ricoba]

I think the convention center crowd is perhaps the only thing that is allowing the doors to remain open.

 

[alexadeparis]

Sounds like the convention center and hotel are the same thing because they mentioned in the article needeing a half million or so for new carpet in the convention center.

 

[UWSurfer]

There are two convention centers...one attached to the hotel and then the actual convention center next door. Some of the larger shows (like CES) use both venues together for their shows.

 

[SeattleKnitChick]

ugh. The Karen Street is our home resort (although we've never stayed there). What do you think this could mean for us?

 

[Seth Nock]

There is no reason for the property to shut down. Goldman Sacks will complete the foreclosure process and then will need to decide whether to run it or sell it. It is just not worth what was owed on it and the investors walked away from their investment. If Goldman Sacks runs it, I am sure they will do a good job at it. If they sell it, the new owner would have it at a much lower cost basis and should be able to run it at a profit. Hilton withdrew its name because of the decrease in quality. If improvements are made, they can revisit renewing their contract.