LAS VEGAS -- Colony Capital, a Los Angeles-based international
private investment firm, completed its purchase of the Las Vegas
Hilton Hotel and Casino from Caesars Entertainment on June 18.
Wallace Barr, Caesars Entertainment president and CEO, said the
company would use the proceeds from the sale of the 35-year-old
property -- estimated at $265 million after taxes -- to pay down
its debt and "focus our attention on our core assets at the center
of the Las Vegas Strip."
Colony Resorts LVH Acquisitions, (Colony LVH) plans to invest
some $67 million over the next four years to renovate the property,
including its 3,000 guest rooms, 13 restaurants and
40,000-square-foot gaming area, as well as focus on developing its
conventions business.
The property features more than 200,000 square feet of
conference space and adjoins the 3.2 million-square-foot Las Vegas
Convention Center.
Colony LVH also entered into an agreement with Hilton Hotels
Corp. that will allow the hotel to continue to use certain elements
of the Hilton brand, primarily the Hilton Reservation System.
In addition, Colony LVH officials noted that the company may
develop unused land near the hotel.
To contact reporter Amy Baratta, send e-mail to [email protected] .