A notice of foreclosure has been filed against the Las Vegas Hilton.
The decision to file the notice of foreclosure on Sept. 2 was made about a month after Colony Resorts LVH Acquisitions LLC, owner of the 2,950-room hotel-casino disclosed it was in default on its $252 million loan.
Colony Resorts LVH, a subsidiary of the privately held equity firm Colony Capital LLC, said in an earnings report released Aug. 10 that it had opted not to make monthly payments totaling
$3.5 million for June, July and August.
Colony Resorts LVH said the decision to default was made “to conserve liquidity for operating and other needs.”
Colony Capital spokesman Owen Blicksilver said Wednesday that the company had no comment. Messages left with Goldman Sachs were not returned.
The term loan lender is Goldman Sachs Commercial Mortgage Capital L.P. Its $252 million term loan represents a majority of the Las Vegas Hilton’s
$296 million in debt and equity.
Goldman Sachs is also an investor in Hilton, according to The Wall Street Journal.