Wednesday, March 28, 2012 | 1:46 p.m.
One of the hotels at Lake Las Vegas in Henderson will be operating under a new name beginning Thursday.
A ribbon-cutting is set for Thursday so the management company can “proudly introduce the Westin Lake Las Vegas Resort & Spa to our neighbors and community.”
The property initially opened as the Hyatt Regency Lake Las Vegas Resort, Spa and Casino in December 1999.
It became a Loews resort in December 2006 and then ran into financial trouble during the recession.
Since it defaulted on its $117 million mortgage in 2009, the property has been under the control of a court-supervised receiver.
Foreclosure proceedings have been pending against the property since Dec. 12, but so far it hasn’t been foreclosed on and it’s not known when or if that will happen.
The Loews property is managed by Pyramid Hotel Group of Boston.
Officials at Pyramid couldn’t immediately be reached for comment on the rebranding initiative, which analysts say has been under way for some time.
As a Westin property, the Lake Las Vegas hotel will be part of the Starwood Hotels & Resorts network, which includes the Sheraton and Element brands.
Trepp LLC, a company that tracks distressed debt, said in its latest report on Loews Lake Las Vegas that it continued to suffer financially last year.
Room occupancy ran at just 34 percent in 2011, with an average daily room rate of $138.15, Trepp said.
That produced daily revenue per available room of just $47.41, which was down 6.3 percent from 2010, Trepp data show.
The hotel has faced stiff competition from the Las Vegas Strip as well as from resort hotels in California and elsewhere in the Southwest, a Trepp report on the property says.
Pyramid also operates the 826-room Westin Casuarina Las Vegas Hotel, Casino & Spa.
Like the Lake Las Vegas property, the Westin Casuarina Las Vegas was seized by lenders after defaulting on its $160 million mortgage.