Hyatt Lake Las Vegas real estate is being purchased by Loews Hotels in Henderson real estate. Hyatt Lake Las Vegas real estate will become a non-gaming hotel and its casino will be closed by the end of November. The Las Vegas hotel will then be renamed Loews Lake Las Vegas.
Loews Hotel from New York should start business officially December 8 when they take over the 493 luxury room Lake Las Vegas hotel property. The hotel’s 8,000 square foot casino will close around November 24 according to Hyatt Regency Lake Las Vegas.
Transcontinental Corporation owns the The Hyatt Lake Las Vegas, and the purchase later this month will be between Loews Hotels and a private investor. The Las Vegas commercial real estate investor would have 75 percent ownership, while Loews would have 25 percent. The purchase price is undisclosed.
Since the new Lake Las Vegas hotel will not have a casino, Loew’s will not have to seek a gaming license. The shut down of the casino, which has 60 slots and six table games, would be done prior to the ownership change.
Dale McDaniel will become the new managing director of Loews Lake Las Vegas. McDaniel was general manger of Loews Royal Pacific Resort in Orlando. He’ll replace David Needleman who is pursuing a career with Hyatt.
$5 million will be used to upgrade the hotel, which was built in 1999. The hotel rooms, lobby, bathrooms and outside areas will be renovated. Flatscreen TVs will be put in guest rooms. Lowes will make the fire pit and pool areas and fire pit more plush.
One of the main attractions of the Hyatt Lake Las Vegas real estate was its appeal to meeting organizers from around the world. Lake Las Vegas is one of the hottest meeting destinations in the country with incredible weather year-round, great airlift, award-winning golf , water sports and the legendary Las Vegas Strip nearby. Source: LV Business Press
Call 702-505-6988 for VIP Las Vegas commercial real estate representation by a Las Vegas real estate agent.
Selling, buying or refinancing a piece of Las Vegas Real Estate today? Visit Fine Homes Real Estate for more information and VIP representation by a Las Vegas Luxury Real Estate REALTOR for investment Las Vegas Real Estate, 1031 exchange, condos such as Trump Towers Las Vegas, Turnberry Towers, Allure, Panorama Tower, The Signature MGM Residences, W Residences, RED Rock real estate, commercial, residential and Las Vegas land.
Hyatt Lake Las Vegas real estate purchased by Loews Hotels on Dec 8 with $5 million in renovations.