The Las Vegas Hotel & Casino has been sold to luxury timeshare operator Westgate Resorts.
Westgate, which bought the property from Goldman Sachs, is renaming the 2,956-room hotel the Westgate Las Vegas Resort & Casino.
The company will convert some of the rooms at the property to luxury timeshare units.
The property is the former Las Vegas Hilton and was at one time the world’s largest hotel. It was built next to the Las Vegas Convention Center in 1969 by casino magnate Kirk Kerkorian and opened as the International Hotel. It was sold to Hilton in 1970 and was renamed the Las Vegas Hilton in 1971.
Caesars Entertainment took over ownership when it was spun off from Hilton in 1998, and the hotel was sold to Colony Capital in 2004. Goldman Sachs later took an ownership stake after Colony defaulted on loan payments in 2011.
Hilton terminated its licensing agreement on the hotel in 2012.
Navegante Group, which has been managing the property since October 2012, will continue to run the hotel.
Westgate has almost 30 properties throughout the U.S., including Orlando’s Westgate Palace and Tennessee’s Westgate Smoky Mountain Resort & Spa.
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