Westin hotel near Las Vegas Strip sells for $195.5M
An off-Strip hotel that was acquired through foreclosure a few years ago has sold for a big sum.
The Westin, 160 E. Flamingo Road, was purchased by hotel operator Highgate, according to property records, which indicate investment firm Cerberus Capital Management also partnered on the deal.
The $195.5 million sale by Fortress Investment Group closed Sept. 6, records show. The documents do not say whether the price covers just the real estate or includes the business as well.
The sale comes amid a slight dip in visitor volume in Las Vegas this year but is the latest in a string of off-Strip hotel deals as the broader economy gains speed. It also came after the Westin replaced its casino floor with a bar and restaurant called Jake & Eli, increased its meeting-room capacity by 20 percent and implemented other upgrades.
Highgate, Cerberus, Fortress and Marriott International, which owns the Westin brand, did not respond to requests for comment Wednesday.
The 826-room hotel originally opened in 1977 as the Maxim. The property was sold in 2002, and Fortress acquired it through foreclosure in early 2016, Clark County records show.
Other hotels near Las Vegas Boulevard that have sold since last year include the former Rumor for $18 mil- lion; the 24-story SpringHill Suites for $50.5 million; the 14-story Renaissance Las Vegas for $177.9 million; and the 1,500-room Hard Rock Hotel, which, according to a source, sold for about $500 million.
Highgate also partnered on the Renaissance purchase.
About 24.7 million people visited Las Vegas this year through July, down 1.2 percent from the same period last year, according to the Las Vegas Convention and Visitors Authority.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
