Park Place deals Las Vegas Hilton for $280M

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LAS VEGAS -- Park Place Entertainment agreed to sell the 3,174-room Las Vegas Hilton to Colony Capital, a Los Angeles-based international private investment firm, for $280 million.

The deal is expected to close by the end of the second quarter.

Colony, one of the few private investment firms licensed in gaming, expects to make a deal with Hilton Hotels Corp. so the 34-year-old property will remain a Hilton-brand hotel-casino.

The reason for the sale, Park Place officials said, is that the company wanted to focus on its core assets in Las Vegas, which include Caesars Palace, Bally's, Paris-Las Vegas and the Flamingo.

Opened as The International in July 1969, the property became known for its entertainers, which included Barbra Streisand, who performed at the debut gala, and Elvis Presley, who made his Las Vegas comeback at the hotel during its opening month.

To contact reporter Amy Baratta, send e-mail to [email protected] .

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