David Siegel, president and CEO of Westgate Resorts, shows an artist’s rendering of remodeled rooms during an interview at LVH, 3000 Paradise Road, on Monday, June 30, 2014. Siegel, who declined to disclosed the purchase price, announced the purchase of LVH and his plans to rename the property Westgate Las Vegas. The hotel, originally opened in 1969 as the International Hotel, has 2,956 rooms and 305 suites

David Siegel and his wife, Jackie, became infamous in the documentary, “The Queen of Versailles."

By RICHARD N. VELOTTA
LAS VEGAS REVIEW-JOURNAL
The new owner of the LVH-Las Vegas Hotel and Casino has confirmed what local real estate watchers have been speculating for weeks: The king of timeshare developers has acquired the off-Strip, 3,261-room property.

David Siegel, the 79-year-old CEO of Westgate Resorts, said Monday he plans to convert a portion of the hotel — once the world’s largest — into a timeshare development.

The purchase price was not disclosed.

Real estate analysts began speculating about a sale as early as May when Siegel’s representatives were seen touring the property. Entertainment and gossip columnists added fuel to the speculation with more reports while Siegel and his wife continued building the nation’s largest mansion near Orlando.

David and Jackie Siegel were subjects in a documentary film about the project, “The Queen of Versailles,” that aired on Bravo last year.

The film focused on how the Great Recession battered Siegel’s company and how Westgate was forced to sell the 1,200-unit PH Towers Westgate at Planet Hollywood.

But Siegel views the acquisition of the LVH as a new beginning.

When built in 1969 by Kirk Kerkorian, the hotel, known then as the International, was the largest in the world.

Over time, the property became the site of several historic events.

Barbra Streisand was the headliner when the hotel opened and Elvis Presley performed 58 sell-out shows there, breaking all previous entertainment attendance records.

The property was acquired by Hilton Hotels in 1970 and took on the Las Vegas Hilton name in 1971. Pianist Liberace became a headliner at the newly branded hotel.

The Las Vegas Hilton was the scene of boxer Leon Spinks’ defeat of Muhammad Ali in 1978 and of a horrific fire that killed eight people in 1981. It was also the site of the U.S. Navy’s Tailhook Association convention in 1991 where sexual assault charges led to a scandal that ended the careers of several high-ranking Navy officers.

Paramount Pictures housed its “Star Trek: The Experience” theme park attraction at the Hilton from 1998 to 2008.

When Hilton ended its association with the hotel in 2012, the property was renamed Las Vegas Hotel and Casino, or LVH, and was owned by Goldman Sachs, which acquired it in a foreclosure on a $252 million loan, and Gramercy Capital.

The property’s 74,000-square-foot casino includes Las Vegas’ largest race and sports book. The property is managed by Las Vegas-based Navegante Group, which specializes in the management of casinos in transition.

This is a developing story. Check back here for updates.

The International when opened in 1969 by Kirk Krikorian

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