Tuesday, July 01, 2003
Copyright © Las Vegas Review-Journal

Marriott closes deal on Chateau time-share resort

Marriott Vacation Club International has closed the deal to develop and market the $300 million Chateau time-share resort on Harmon Avenue at the site of the former Shark Club, an executive with Las Vegas-based Diamond Resorts International said Monday.

Marriott has entered into a joint venture with Diamond Resorts to develop the Chateau, taking over the interests formerly held by Lyle Berman and Lakes Entertainment.

Diamond Resorts will get 50 percent of the profits from the sale of the remaining time-share intervals in the Polo Towers, with Marriott handling the marketing and sales of the units, Diamond Resorts President Robert Wengel said.

"It's great to see this property finally be developed to its highest and best use," said David Atwell, who represented the seller, Lakes Entertainment, in the transaction. "It's been dormant for a while."

The club was once called Jubilation and was owned by Paul Anka.

Wengel said the initial focus will be to market and sell the remaining inventory at Polo Towers, which remains under the Diamond Resorts brand, along with development of the Chateau.

The resort will carry the Marriott Vacation Club brand, offering 840 villas in four 33-story towers.

Marriott has long recognized the demand for Las Vegas as a time-share destination and has been looking to come here for about nine years.

Diamond Resorts continues to manage the Polo Towers. "Who knows if that will change," Wengel said.