Las Vegas Sun NewsTrump tower on Las Vegas Strip sells some 300 units as timeshares
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Thursday
6 September 2012
2:11 p.m.
Updated
6 Sept. 2012 4:30 p.m.
Map of Trump Hotel Las Vegas
Trump Hotel Las Vegas
2000 N Fashion Show Dr, Las Vegas
Donald Trump’s gold-colored high-rise near the Las Vegas Strip will no longer be just a condo/hotel tower: It’s now a condo/hotel/timeshare tower.
The Trump Organization announced Thursday that it sold roughly 300 condominium units in Trump International Hotel Las Vegas to Hilton Worldwide’s timeshare division, Hilton Grand Vacations. The sale price was not disclosed.
Hilton will use the units as timeshare accommodations starting next spring.
The McLean, Va.-based hotel chain will be responsible for selling the timeshare intervals, but the Trump Organization, which is based in New York, will still manage the building.
Including the Hilton deal, Trump tower has now sold more than 700 units. The average sales price at the building is in the high $500,000 range, said Eric Trump, executive vice president of development and acquisitions for his father's namesake company.
Eric Trump said Hilton approached him about the deal that gobbled up roughly 30 percent of his available units. He said the bulk sale wasn't something his company "needed" to do, but it "made a lot of sense."
In a prepared statement, Hilton Grand Vacations President Mark Wang said the venture would "yield a remarkable new ownership opportunity at one of the most celebrated properties in Las Vegas."
The 64-story tower, located on Fashion Show Drive near East Desert Inn Road, opened in March 2008. It’s encased in 24-karat gold glass and includes 1,232 suites and 50 penthouses. Prices start at $300,000 for a studio and climb to more than $3.5 million for the largest penthouse.
People who buy the units can live there full-time or part-time, or have Trump rent them out as hotel rooms.
Sales are said to be rising — albeit at reduced prices — at the tower, which opened amid the national economic meltdown.
The property has also had its share of legal problems. About 300 investors who put down deposits in 2005 and 2006 sued in January 2011, alleging they were induced into buying the condo units at inflated prices. A federal judge rejected their claims last August.
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Ha..what a joke. Good luck to those that bought these high priced units watching "Uncle Jimmy and Aunt Flo" trapse thru the marble lobby in their jean shorts with black socks and sneakers.
they would be lucky to have the uncle and aunt tourist---what you will get for sure are a bunch of 20 and 30 something kids--drinking and puking in the hallways and elevators and making noise all hours of the night and sleeping 8-10 to a room and destroying the place in a couple of years flat. I was in the old carriage house after they made that timeshare and what was once a nice place only a couple years prior had been totally ruined by the timeshare people.
Good point. It's the young crowd that will likely ruin it.
They're doing the same at Veer Towers renting the studio units to parking valets. You've got these kids walking thru the place with baseball caps on backwards and wife beater Tank tops. Lovely atmosphere for the professional who laid out $300,000 for a unit.
First it's a Condo...then a Condo/Hotel and NOW.....timeshares? I feel sorry for those "condo" owners who went in, in the beginning.Now they'll have timeshares in and out all day everyday. Get out the inner tubes for the "public pool" now....It's PARTY TIME !!
It's the bottom line for Trump....to hell with everyone else.
The condo buyers are almost as dumb as the guy whose name adorns the building.
Hahaha! Well there's your great Republican genius and Romney supporter. Great way to do business. You just stabbed your owners in the back and made their property worthless so you could dig yourself out of yet another financial hole. Let's see YOUR grades Mr. Trump. Maybe you should spend less time in politics and more time, literally, minding your own business.
Hahaha. What a moron.
good comments. I can see another lawsuit. Condo owners getting the shaft from the Birther King
trump is a complete jerk fraud---multiple bankruptcies--pretending to by some economic genius---why? because your old man left you a bunch of money and you cheated and bribed your way ahead?? every person who gets within 10 feet of this moron/cheat loses all their money. What is pathetic is people listening to this idiot, and tv channels giving this flim flam man a forum.
well now he shafted another group of "investors"--i don't feel sorry for them! BUYER BEWARE