World's largest luxury vacation ownership tower planed in Las Vegas

27.04.2005, Lesen Sie hier den Bericht über «World's largest luxury vacation ownership tower planed in Las Vegas».

WESTGATE RESORTS ANNOUNCES AGREEMENT TO DEVELOP WORLD’S LARGEST LUXURY VACATION OWNERSHIP TOWER AT THE PLANET HOLLYWOOD RESORT & CASINO IN LAS VEGAS

Las Vegas, NV, April 12, 2005 – David A. Siegel, Founder, President, and CEO of Westgate Resorts, the world’s largest privately held Timeshare company, and Robert Earl Co-Chairman of Planet Hollywood Resort & Casino announced today a partnership to develop a 52 story luxury vacation ownership tower directly connected to the Planet Hollywood Resort & Casino complex on the world famous Las Vegas Strip. The partnership brings together two recognized industry leaders committed to providing the highest quality vacation experiences to their guests.

The $400,000,000 development will include over 800 two-bedroom premium lock-out suites that will increase the capacity at the resort by allowing unsold residences to be added to the existing hotel room inventory, bringing total available to over 4,000 rooms. The new tower, which will be located on the Southeast corner of the complex, is being designed by the renowned architectural firm of Klai Juba, the same entity collaborating on the conversion of the Aladdin into the Planet Hollywood Resort & Casino.

The 52-story blue glass tower has been designed in a manner to compliment the overall theme of the complex. Construction is slated to begin later this year, with the first suites being made available by New Years Eve 2007. Westgate will immediately begin operating marketing locations inside of The Planet Hollywood Resort & Casino and will construct an approximately 12,000 S.F. Sales Gallery on the Mezzanine level of the Hotel to market and sell the project.

“Westgate first entered the Las Vegas timeshare market in 2000 with the development of our highly successful Westgate Flamingo Bay project located on Flamingo Road 2 miles west of Las Vegas Blvd. The rapid sell-out of that project will exceed $160,000,000 and has provided us with a seasoned sales, marketing and development team that brings the expertise needed to compete in this highly specialized Las Vegas market,” said David Siegel. “With over 8,000 employees, and 24 resorts throughout the United States, our company has experienced phenomenal growth in the last several years. Of the myriad of development options available to us, we feel that Las Vegas and in particular Planet Hollywood and Robert Earl affords our project opportunities for success unparalleled elsewhere. This will be the world’s first vacation ownership resort that is directly connected to a major resort hotel and casino complex complete with over 12 restaurants, luxury resort amenities, as well as a full service shopping mall with over 140 stores. We believe that this fully self contained resort environment will provide our 350,000 timeshare owners vacation experiences unavailable anywhere else in the world”.

“ I am excited that we have been able to partner with Westgate Resorts one the largest and most successful vacation ownership companies in the world, on a deal that will dramatically increase guest traffic and the overall Planet Hollywood Resort & Casino experience. I could not be more pleased to be working with David Siegel, a pioneer and visionary in the tourism industry,” said Robert Earl. “One very beneficial component to this project, unlike other vacation ownership projects, is that Westgate will build rooms well in advance of its sales, which will dramatically increase our hotel room inventory. This announcement, coupled with our recent announcement outlining our new relationship with Clear Channel, demonstrates our commitment to create a truly world class competitive destination in Las Vegas.”

In addition to expanding the Planet Hollywood Resort & Casino room inventory, the collaboration will substantially increase convention and meeting space within the complex.

About Westgate Resorts Westgate Resorts is an Orlando based subsidiary of Central Florida Investments Inc., which operates and manages Vacation Ownership properties in Central Florida, and other parts of the United States. The company, founded in 1970 by David A. Siegel is the largest privately owned corporation in Central Florida and the third-largest Timeshare Company in the world with over 350,000 owners. Westgate Resorts provides affordable luxury vacation accommodations as well as offering worldwide travel solutions through their exclusive affiliation with Interval International, The Quality Interval Exchange Network comprised of over 2000 resorts in over 65 countries. More information is available by logging onto www.WestgateResorts.com

About Aladdin Resort & Casino The Aladdin Resort & Casino, the future home of Planet Hollywood Resort & Casino is a joint venture partnership involving Robert Earl, Founder and CEO of Planet Hollywood International Inc, Bay Harbour Management LLC, and Starwood Hotels & Resorts Worldwide Inc. The property will continue to operate as the Aladdin Resort & Casino during the extensive renovation process, which is, scheduled for completion in the second half of 2006. Upon completion of renovations the property will be rebranded and renamed the Planet Hollywood Resort & Casino, a Sheraton hotel. More information is available by logging onto www.aladdincasino.com

Contact: David Crabtree, Chief Operating Officer Sales and Marketing, Westgate Resorts Dave_Crabtree@wgresorts.com (407) 351-3351 ext.101

Amy Sadowsky, VP Public Relations Aladdin Resort & Casino Asadowsky@aladdincasino.com (702) 785-9155

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