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July 5, 2015

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Las Vegas Hilton gets new chief executive

The company that owns the Las Vegas Hilton is getting a new boss.

Colony Resorts LVH Acquisitions LLC disclosed Monday that Colony Capital LLC executive David Monahan has been hired as chief operating officer and ultimately will become the company's chief executive and general manager.

Monahan, 53, has served since 1995 as senior vice president of Los Angeles investment group Colony Capital, where he has overseen its hotel portfolio.

Monahan is to receive an annual salary of $500,000, along with a bonus of at least $200,000, Colony Resorts LVH said in a regulatory filing. He will also receive options to purchase membership units in the company.

A spokesman said Colony Capital would have no immediate comment on plans for Rodolfo Prieto, who has been serving as chief executive and general manager of Colony Resorts LVH.

Investors in Colony Resorts LVH include Colony Capital, affiliates of investment bank Goldman, Sachs & Co. and Nicholas Ribis.

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