Saturday, January 11, 2003
Copyright © Las Vegas Review-Journal

Westgate Resorts plans 54-story Strip time-share

Westgate Resorts has announced plans to build the largest time-share resort on the Strip, a 54-story tower with more than 700 luxury villas, connected to the Showcase Mall.

The $180 million resort would be the 16th for Florida-based Westgate and its second in Las Vegas. The company also owns the 208-unit Westgate Flamingo Bay on Flamingo Road.

Westgate will purchase the rights to the development from FCM Ventures, a joint venture of Makena Entertainment and Forest City Enterprises, owners of the Showcase.

"Clearly, we have the expertise and operations capacity to make this resort a first-class operation," David Siegel, president and chief executive officer of Westgate, said in a Thursday statement.

The villas will range in size from one to four bedrooms. Resort amenities include an ornate lobby and check-in area, large pool and world-class health spa, restaurants and 63,000 square feet of retail, which would be leased back to Makena.

Siegel estimates that the time share will generate $500 million in sales over the next five years, contributing significantly to the Las Vegas economy in the way of construction, operations and 1,000 new jobs.

"We will be adding jobs, spending growth and increased tax revenues to an already robust tourist economy," Siegel said. "Our owners stay longer and spend much more money in the local economy than the average hotel guest."