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by Matt Alderton | November 09, 2012

The LVH hotel-casino — formerly the Las Vegas Hilton — was sold during a foreclosure auction on Halloween, VEGAS INC reported last week. Its buyer: a joint venture between Gramercy Capital Corp. and Goldman Sachs Mortgage Co. LLC, which have appointed casino management company Navegante Group to manage the property on their behalf.

"The future is bright for The LVH on all fronts," said Rick Stevens, chief operating officer of the Navegante Group. "We want to express our appreciation to the Las Vegas community, state and local officials, vendors, governmental agencies and our employees for their cooperation enabling this transition to occur seamlessly. We have been energized by their support and, now that the sales is complete, we intend to deliver the excellent service and the top gaming, entertainment and hospitality experiences that have been a trademark of The LVH."

The LVH — which is located next to the Las Vegas Convention Center — entered foreclosure in September 2011 after defaulting on its mortgage. Although it lost its Hilton franchise earlier this year, it has continued to conduct business as usual, and has even booked group and convention business for 2013 and beyond, according to the Navegante Group.

The hotel's new owners have no immediate plans to make changes at the property, VEGAS INC reported, although they have committed to rehiring "substantially all" of the LVH's 2,200 employees.


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