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October 20, 2014

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Is LVH about to become a vacation timeshare property?

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Christopher DeVargas

An exterior view of the LVH on Monday, July 15, 2013.

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The Queen of Versailles

Rumors are racing that the former Las Vegas Hilton resort that became the non-noticeable LVH (Las Vegas Hotel) is about to undergo a dramatic change by month’s end with Westgate timeshare mogul David Siegel taking over the off-Strip property.

Two separate sources and American Resort Development Association insiders say that he’s just about wrapped up a deal to convert the former home of Elvis Presley’s appearances into a massive timeshare operation.

David is known here for his Westgate Resorts timeshare properties and his one-time ownership of the former Planet Hollywood Towers. During the economic recession that pummeled timeshare operators, David lost that to Hilton Grand Vacations. If he gets LVH for July 1, that brings an ironic twist to the business circle.

David also is known for being married to the Queen of Versailles, his beautiful wife Jackie who starred in the 2012 documentary on the building of their Parisian-styled home, at $100 million the largest and most expensive single-family house in America.

At 90,000 square feet, it’s twice the size of the White House. The film includes former Mayor Oscar Goodman and his showgirls welcoming the timeshare titan to our town.

The former Hilton, once the International, became the LVH in early 2012. Bankers from Goldman Sachs and Gramercy Capital have had the Navigante Gaming Group led by Larry Woolf run the 3,000-room property and 75,000-square-foot casino alongside the Las Vegas Convention Center.

Attempts to confirm that the deal is set in stone have failed, but friends of David reliably commented: “He’s told us that he starts the new business plan for LVH as of July 1.”

Robin Leach has been a journalist for more than 50 years and has spent the past decade giving readers the inside scoop on Las Vegas, the world’s premier platinum playground.

Follow Robin Leach on Twitter at Twitter.com/Robin_Leach.

Follow Vegas DeLuxe on Twitter at Twitter.com/vegasdeluxe.

Follow Sun A&E Senior Editor Don Chareunsy on Twitter at Twitter.com/VDLXEditorDon.

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