A big timeshare resort on the Las Vegas Strip has a new owner, under a restructuring announced Tuesday.
Resort Finance America LLC said it acquired a controlling interest in PH Towers Westgate at Planet Hollywood from Florida-based Westgate Resorts, which opened the 1,201-unit property in late 2009.
Terms were not immediately disclosed. A Resort Finance unit, Lantern Asset Management of Dallas, will provide management services.
Westgate CEO David Siegel said in a statement, “We are pleased with this transaction with RFA, which is part of a larger transaction with our lenders to ensure the future success of our company.”
Siegel in recent weeks has told the Orlando Sentinel the recession has hurt his company, as banks have recently refused to finance sales of timeshares at PH Towers.
RFA, in its statement, said it appointed Hilton Grand Vacations to rebrand the Las Vegas property as a Hilton Grand Vacations destination and provide vacation ownership sales and marketing services.
Hilton Grand Vacations already has three timeshare projects in Las Vegas. One is adjacent to the Las Vegas Hilton, the other is at the Flamingo and the third is on the Strip at 2650 S. Las Vegas Blvd.
The 12,000-plus existing timeshare owners of PH Towers Westgate will continue with full ownership rights and benefits associated with their original purchase from Westgate Resorts, the companies said in their statement.