The seller is a joint venture among affiliates of Cook Inlet Region Inc. of Anchorage; Hyatt Corp. of Chicago; Transcontinental Corp. of Santa Barbara, CA; and Woodbine Development Corp. of Dallas. The sale is expected to close in early December.
Hyatt Regency Lake Las Vegas Resort represents Loews Hotels' first property in Nevada. The company had previously announced plans to build within the Lake Las Vegas community, but this more immediate entry replaces those plans, a company source tells GlobeSt.com.
Completed in 1999 at a cost of $150 million, Hyatt Regency Lake Las Vegas Resort is a 22-acre development surrounded by a 177-acre Jack Nicklaus-designed golf course. The hotel has four restaurants, a 9,000-sf spa, two swimming pools and a children's camp facility. Lake Las Vegas itself is a 2,245-acre master-planned resort community with hotels, condotels, pure condominiums, fractional properties and single-family homes located 17 miles east-southeast of Las Vegas, on the western edge of the Lake Mead National Recreation Area.
Loews, which owns 17 hotels, says it plans to invest $5 million to bring the Hyatt property up to its standards, which are said to exceed the requirements for AAA's four-diamond rating. The improvements will include the addition of 32-inch flat screen televisions in all guest rooms; the renovation of all rooms, especially bathrooms; updating of the resort's pool decks, cabanas and palm-shaded terraces; and renovation of the lakeside fire pit. The managing director of the resort will be Dale McDaniel, most recently general manager of Loews Royal Pacific Resort in Orlando.
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