Could the famous Las Vegas Hilton soon become an Elvis-themed hotel?

[vivaelvis]

There are financial troubles facing the legendary and iconic Las Vegas Hilton hotel where Elvis preformed. The hotel is $250 million in debt and has filed papers for foreclosure. http://www.vegasinc.com/news/2011/sep/14/las-vegas-hilton-lender-files-foreclosure-notice/ It's so bad that Hilton is pulling it's name from the hotel at the end of this year after being the hotel's name since 1972.

While the link I provided doesn't talk about EPE or their possible involvement, there's questions being asked in Vegas if the hotel will be foreclosed and God forbid, demolished or saved by an investor. Could EPE and CKX be those investors? Time will tell if they have any interest at all.

Back in the 90's EPE approached the Hard-Rock Hotel in Las Vegas about purchasing it and transforming it into an Elvis-themed hotel resort, but negotiations fell through. Just a few years ago CKX and EPE were making plans to build a new Elvis-themed hotel of about 3,000 rooms at a cost of $1 billion, but that too fell through due to the first recession storm to roll through. The Hilton (soon to be restored back to it's original name, International, on January 1, 2012) would only cost them about $250-300 million (hotel's market value). A lot less than their proposed Elvis hotel that fell through back in 2008. It being where he played all of his legendary shows would also seem to have a big factor for them to step in and make an offer.

Another question is would Apollo approve or get involved themselves?

The 2,950-room Las Vegas Hilton Hotel was built in 1969 and was at the time the largest hotel in the world at the highest financial cost to build.


So, what do you guys think fo the possible future Elvis Presley International?(y)

[GeoElvis]

I think it would be Fantastic!! Elvis and the International/Hilton are legendary in Vegas, it would be a shame if the demolished it like so many other casinos thru the years, I miss them all IE: Sands-Dunes-Hacienda, Elvis is Vegas, his legacy lives on at the Hilton, sure hope all involved make the right moves, Elvis, Vegas, and all his fans deserve it!! TCB-Elvis International!!!

[Raised on Rock]

Well if an Elvis-themed hotel is to ever happen in Vegas, the original International Hotel would always have the "Elvis historic landmark" plus, so...

[debtdbruno]

would be great to see it renamed back to The International..........

[Diane]

I would love to see that happen. What a tribute to Elvis that would be!

[debtdbruno]

quite agree Diane........long overdue

[Raised on Rock]

I can see Elvis suite and dressing room restored as it was in '69, and fans able to visit it Graceland like. A small museum with stuff from Graceland related to vegas. Elvis The Concert in the showroom Elvis used to perform, etc.

Anyway, its an old building, and the Hilton is no longer a main draw, its far away from being the hottest spot in Vegas today, a mayor reworking on its concept will be needed, as just the Elvis nostalgia won't be enought to make it profitable.

[debtdbruno]

Oh wow......Imagine The Concert being in the main showroom. Awsome!!!!!!

[Brian Quinn]

I think it would be a great idea for the International Hotel to become an Elvis-Themed one. Let's hope EPE/Apollo run with it. Would also make a great convention site.

Brian (y)

[mislulu]

I say, "Build it and we will come!"

[Diane]

If Elvis the Concert was in the showroom, that would sure be icing on the cake!

[rocknroll]

It's not on the strip, the economy is in the tank, I doubt EPE is interested.

[lvelvis]

i`m not surprised i think we all could see this comming especially with all the new development and resorts that were being built in th e boom by wynn , cesars palace, mgm etc.. I really do think if the hotel went in with a ELVIS theme it would be a fans dream minus the impersonators. In reality i don`t think fans comming once a year and halfway filling the hotel can make it survive.

[steve grayson]

well, I was in Vegas a few months ago and there a lot of talking about this. the hotel was busy and there is also the incredible star trek museum over there.
steve

[vivaelvis]

well, I was in Vegas a few months ago and there a lot of talking about this. the hotel was busy and there is also the incredible star trek museum over there.
steve

The Star Trek Experience has been closed down for about a year or so. Here's a new article about the potential foreclosure. I really wished EPE would get involved since they were already planning the Elvis-themed resort at a higher cost. Makes no sense why they wouldn't. http://www.vegasinc.com/news/2011/oct/06/las-vegas-hilton-investor-fighting-partner-foreclo/

[KPM]

I think the answer to this mini puzzle is simple, if CKX could not get their act together to build a hotel of their own when times were good the chances of them buying an expensive hotel and renovating it are slim in these bad times.
Apollo is in control and CKX nor EPE would try to acquire this property without their full support and backing so IMO don't hold your breath.
Most economists say we have a couple-3 years of shaky economy to go before the corner is turned.

[vivaelvis]

I think the answer to this mini puzzle is simple, if CKX could not get their act together to build a hotel of their own when times were good the chances of them buying an expensive hotel and renovating it are slim in these bad times.
Apollo is in control and CKX nor EPE would try to acquire this property without their full support and backing so IMO don't hold your breath.
Most economists say we have a couple-3 years of shaky economy to go before the corner is turned.

Interesting that you should say that. Apollo Management is well known for using a weakened economy to invest the mass majority of their money into it's properties, ie, Caesars Entertainment, EPE and CKX. I'm not saying that they're going to buy up the $250 million debt of the LV Hilton-International or that they will even have any interest at all, but it's possible since that's how they operate.

Also, the comment about CKX was immature and inaccurate. True that they failed to get the original grand resort built in Las Vegas. But that was all due to the first recession that came like a tornado without much warning. They were not the only company that had to cancel major developments in Vegas. I can assure you that. Several developers hit rock bottom because of it too. I know some love to throw stones at Mr Sillerman and blame him for this and that but the truth is, that was not his doing as the failure for the proposed hotel. That was the global economy's doing.

CKX and EPE along with now defunct FXRE real estate were about to invest $1.3 billion into a new luxury themed Elvis resort, casino and museum of 30 plus stories high and over 3,000 hotel rooms with vilas. The Hilton, as it is, is worth around $300 million, is already built and in very good condition, is a luxury hotel with about 3,000 rooms and vilas. Even in this tough economy this is a no brainer,. But like you said, Apollo has to sign off on it or it won't happen.

[vivaelvis]

Update on the Las Vegas Hilton. It is now officially named the LVH as in Las Vegas Hotel & Casino. And the word in Vegas is that it's gone downhill fast. It's dirty, outdated, and has seen a drastic drop off in business and the fact that it's off the strip is hurting business at the famous hotel. However, the hope is that the new owners of the property (whoever that may be) will spend some money to renovate it. It's going to take about $100-200 million to bring it up to today's standards to compete with the more popular hipper resorts on the strip. A new owner though won't be known until the foreclosure auction date is set. The bid is expected to be around $252 million. That was the amount that Hilton defaulted on. Sillerman's Vegas hotel plan was killed because of defaulting to pay on the property there that then CKX had bought. This could be a good way to make that plan happen after all at an affordable cost. Sillerman's plan was to have been over 3,000 hotel rooms and cost $3.9 billion. If EPE ever wants to have an Elvis-themed hotel in Vegas then this is it. They have the backers this time to make it happen. With Elvis' suite already there, the theater where he performed, and 70,000 square feet of free entertainment space for a mega museum attraction (where the Star Trek-The Experience once was) it's a no brainer. The fans would come, as would everyday people. It is a landmark and has the Las Vegas Convention Center directly next to it, making it a major business hotel. Just renovate it and rebrand it into a 5-star Elvis-themed luxury hotel and it's got a life savior. Otherwise, prepare for it to get the wrecking ball.:'(

They could rename it The King Resort Hotel Casino. (y)(y)

[KPM]

Update on the Las Vegas Hilton. It is now officially named the LVH as in Las Vegas Hotel & Casino. And the word in Vegas is that it's gone downhill fast. It's dirty, outdated, and has seen a drastic drop off in business and the fact that it's off the strip is hurting business at the famous hotel. However, the hope is that the new owners of the property (whoever that may be) will spend some money to renovate it. It's going to take about $100-200 million to bring it up to today's standards to compete with the more popular hipper resorts on the strip. A new owner though won't be known until the foreclosure auction date is set. The bid is expected to be around $252 million. That was the amount that Hilton defaulted on. Sillerman's Vegas hotel plan was killed because of defaulting to pay on the property there that then CKX had bought. This could be a good way to make that plan happen after all at an affordable cost. Sillerman's plan was to have been over 3,000 hotel rooms and cost $3.9 billion. If EPE ever wants to have an Elvis-themed hotel in Vegas then this is it. They have the backers this time to make it happen. With Elvis' suite already there, the theater where he performed, and 70,000 square feet of free entertainment space for a mega museum attraction (where the Star Trek-The Experience once was) it's a no brainer. The fans would come, as would everyday people. It is a landmark and has the Las Vegas Convention Center directly next to it, making it a major business hotel. Just renovate it and rebrand it into a 5-star Elvis-themed luxury hotel and it's got a life savior. Otherwise, prepare for it to get the wrecking ball.:'(

They could rename it The King Resort Hotel Casino. (y)(y)
The "backers" are the ones calling the shots so if they want to invest they will-if not they won't.

[Nicole Presley]

Is it already too late now, because this thread was started a year ago? Does the hotel still exist? If it does: I think that the hotel would be saved that way & I think it would be great!

[KPM]

LAS VEGAS (AP) -- The 2,950-room Las Vegas Hilton is in default after skipping interest payments on a $252 million loan.

Parent company Colony Resorts LVH Acquisitions LLC says in an earnings report released this week that the hotel-casino near the Las Vegas Strip lost $8.8 million in the second quarter compared to a loss of $9.8 million for the same period last year.

Net revenue declined to $45.5 million from $47.5 million. Colony Resorts LVH has decided to not make monthly payments totaling $3.5 million for June, July, and August to keep money for operational expenses.

The company says it is working with the lender to restructure the debt.................

[vivaelvis]

Is it already too late now, because this thread was started a year ago? Does the hotel still exist? If it does: I think that the hotel would be saved that way & I think it would be great!

The hotel is still there and still opened for business. It's just not good business that they are getting right now since Hilton left.

[vivaelvis]

LAS VEGAS (AP) -- The 2,950-room Las Vegas Hilton is in default after skipping interest payments on a $252 million loan.

Parent company Colony Resorts LVH Acquisitions LLC says in an earnings report released this week that the hotel-casino near the Las Vegas Strip lost $8.8 million in the second quarter compared to a loss of $9.8 million for the same period last year.

Net revenue declined to $45.5 million from $47.5 million. Colony Resorts LVH has decided to not make monthly payments totaling $3.5 million for June, July, and August to keep money for operational expenses.

The company says it is working with the lender to restructure the debt.................

The hotel has already filed papers for foreclosure. The owner is currently suing Hilton for damages which will probably get thrown out of court. Either way, a new owner will soon take over, possibly by the end of the year, and they will have no choice but to upgrade to stay afloat or to demolish it.

Concerning the historically famous Las Vegas Hilton and it's survival as a hotel. From everything that I'm hearing from Vegas right now, if I were a betting man, I would tell all Elvis fans to prepare for the worst but hope for the best. It's not looking good.:'(

[ELVIS_]

YES!!!! THAT WOULD BE SO AWESOME!!!!! Elvis' first live LP was recorded there and Elvis took Vegas to whole new level from the Rat-Pack shows & for tourists.

[vivaelvis]

I have always felt that Hilton didn't appreciate what all Elvis did for their company. They couldn't even name the theater showroom after him. They remodeled his luxury suit. Maybe if the Hilton would have had EPE to have opened an Elvis Experience there instead of a Star Trek Experience they might not have defaulted on their payment and all would be good and the hotel would still be the Hilton. I have always felt that had Elvis never returned to live performing in Vegas that the city would be today no different than Pigeon Forge or Branson, Missouri. People there do not realize what all his impact had on that town. After he opened there, then came the MGM Grand, followed by Caesars Palace. They owe him ALL of the appreciation and attention in my book. In fact, they should even build a 50-foot giant statue of him to show his importance to that city.

[King Of The Whole World]

I have always felt that Hilton didn't appreciate what all Elvis did for their company. They couldn't even name the theater showroom after him. They remodeled his luxury suit. Maybe if the Hilton would have had EPE to have opened an Elvis Experience there instead of a Star Trek Experience they might not have defaulted on their payment and all would be good and the hotel would still be the Hilton. I have always felt that had Elvis never returned to live performing in Vegas that the city would be today no different than Pigeon Forge or Branson, Missouri. People there do not realize what all his impact had on that town. After he opened there, then came the MGM Grand, followed by Caesars Palace. They owe him ALL of the appreciation and attention in my book. In fact, they should even build a 50-foot giant statue of him to show his importance to that city.

Hail to the King!! (y)

[nabelt24]

If they were smart, they would rename the showroom in his honor, restore his suite, charge for tours and set up some type of museum dedicated to his decade of performing there.

[KPM]

The hotel has already filed papers for foreclosure. The owner is currently suing Hilton for damages which will probably get thrown out of court. Either way, a new owner will soon take over, possibly by the end of the year, and they will have no choice but to upgrade to stay afloat or to demolish it.

Concerning the historically famous Las Vegas Hilton and it's survival as a hotel. From everything that I'm hearing from Vegas right now, if I were a betting man, I would tell all Elvis fans to prepare for the worst but hope for the best. It's not looking good.:'(
Actually the lenders of the $252 million have started the foreclosure against the hotel-not the hotel against itself. Hilton canceled its franchise agreement with the hotel a while back and that may be the reason for the suit.
http://www.vegasinc.com/news/2012/jul/12/lvh-hotel-casino-cuts-staff-amid-revenue-slump/
.........After defaulting on its $252 million mortgage during the recession, the property was hit with foreclosure proceedings last year by lender and LVH investor Goldman Sachs. It also lost its Hilton franchise for undisclosed reasons........

[1100ccRider]

The place was run badly for years (NOT a fan of the place as it has been lately) and the original Hilton people weren't the greatest, either. Wonder if there's a good reason they didn't simply rename it the International? For sure, "Las Vegas Hotel" is a terribly catchy and exciting name... (n)

And, yeah, having no regard for history -- at all -- is kind of a Vegas tradition in itself, especially since the soulless corporations took over and basically destroyed Vegas.