LAS VEGAS—Westgate Resorts has completed an acquisition of the former Las Vegas Hilton.

While adding the property to its portfolio of 28 resorts, Westgate will rename it Westgate Las Vegas Resort & Casino. 

To make the deal, Westgate LVH, LLC, which is wholly-owned by Westgate Resorts, Ltd., has acquired 100% of the membership interests in 3000 Paradise Road, LLC. The LVH is a landmark property that, at one time, was the largest hotel in the world and was home to such legendary greats as Elvis Presley and Liberace during Vegas's golden age. The resort is located just one block off the world-famous Las Vegas Strip, is adjacent to the Las Vegas Convention Center, and is one of seven stations on the Las Vegas Monorail.

David Siegel, Founder and CEO of Westgate Resorts, said, "Westgate Las Vegas Resort & Casino will set the standard for service in Las Vegas." Siegel added, "we are very excited to be taking this important part of Vegas history and reinventing it for the next generation of Las Vegas visitors."

This iconic resort is 30 stories tall and is home to the largest freestanding sign in the world at 279 feet.  With nearly 3,000 rooms, including 300 opulent suites, Westgate will convert some of the rooms to luxury timeshare villas while still operating the resort hotel rooms and suites.  Westgate Las Vegas Resort & Casino features a 95,000 square foot casino with a wide array of table games and slot machines, 200,000 square feet of meeting and convention space, several restaurants, a spa and fitness center, expansive pool with luxurious cabanas, and access to golf at the exclusive Las Vegas Country Club.

"Although a selection of our rooms will be converted into timeshare villas, it is important to know that our resort hotel and legendary luxury suites will remain open to Las Vegas visitors and tourists, for vacations and conventions," explained Siegel. "We will be providing the best of both worlds on our resort property," said Siegel.

Financing is being provided by Western Alliance Resort Finance, a division of Western Alliance Bank. "We are delighted to have the opportunity to begin this relationship with Westgate as one of the premier developers in the industry and to provide the financing for this exciting project," said Robert Sarver, Western Alliance President and CEO. Added Tom Dugan, CFO of Westgate Resorts, "It was a pleasure working with the Western Alliance Resort Finance team on this transaction."

Westgate Resorts closed on the property on June 30, and will retain Navegante Group, a well-known casino management company that has been managing the property since October 2012, to continue to operate the property.