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
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
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] .