A foreclosure proceeding has been initiated against the financially troubled Loews Lake Las Vegas hotel.
Assured Lenders Service, acting for holders of a $117 million mortgage, started the action Dec. 12. However, there is no date yet when the sale will take place.
The owners of the 493-room resort defaulted on the debt in mid-2009, and lenders took at least initial steps to a foreclosure then. However, they have not moved forward.
“As far as we know there is no change in status; therefore, it is business as usual for Loews Lake Las Vegas resort,” general manager Adnan Bizri said in a statement.
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