Resort Finance America has acquired a controlling interest in PH Towers Westgate from Westgate Resorts. RFA is owned by Centerbridge Capital Partners and management. The business will provide asset management services for this project through its Lantern Asset Management affiliate. RFA has appointed Hilton Grand Vacations to rebrand the property.
Resort Finance America, LLC (“RFA”) today announced that it has acquired a controlling interest in PH Towers Westgate in Las Vegas, Nevada from Westgate Resorts. RFA, which is owned by Centerbridge Capital Partners, L. P. and management, will provide asset management services for this project through its Lantern Asset Management affiliate. RFA has appointed Hilton Grand Vacations to rebrand the property and provide vacation ownership sales and marketing services.
Developed by Westgate Resorts, the PH Towers Westgate resort opened in late 2009 as the largest single vacation ownership building in the world. The sleek 52-story, 1201-unit property offers adjoining access to the Miracle Mile shops and is adjacent to the Planet Hollywood Resort & Casino complex. A grand lobby overlooking a spectacular tropical pool, complete with sandy beach and private cabanas, state of the art in-room entertainment systems, and magnificent views of the Las Vegas Strip are among the resort’s most distinctive features.
“This acquisition represents a significant step forward in the implementation of RFA’s strategy to invest in high-quality timeshare projects in partnership with the world’s leading timeshare operators on a fee-for-service basis,” RFA President William T. Phillips said. “We are delighted to announce the selection of Hilton Grand Vacations as our exclusive provider of timeshare services for this project, as well as the rebranding of this property as a Hilton Grand Vacations resort.”
David Siegel, president and CEO of Westgate added, “We are pleased with this transaction with RFA, which is part of a larger transaction with our lenders to ensure the future success of our company. The demand for vacation ownership remains strong, and we are committed to providing the highest levels of customer satisfaction.”
Hilton Grand Vacations, the vacation ownership division of Hilton Worldwide, will provide vacation ownership sales and marketing services at the property. All future deeded real estate interests sold will include membership in Hilton Grand Vacations Club, providing owners with distinctive global travel advantages and membership in the renowned Hilton HHonors guest loyalty program featuring more than 3,750 hotels across ten leading brands worldwide. The more than 12,000 existing owners of the property will continue to enjoy the full ownership rights and benefits associated with their original purchase from Westgate Resorts.
“This is an incredible resort, and it is our privilege to create a new ownership opportunity for our discerning clientele,” said Mark Wang, president of Hilton Grand Vacations. “Our proven success at three spectacular Hilton Grand Vacations Club resorts in Las Vegas puts us in an ideal position to introduce a new product, and we anticipate strong demand for ownership of this iconic Las Vegas property. We are also particularly pleased to continue to grow our business in a capital efficient manner, working in partnership with RFA.”
About Resort Finance America, LLC and Lantern Asset Management, LLC
Resort Finance America, LLC (“RFA”) was formed in connection with the acquisition of $1.0 billion portfolio of loans related to timeshare resorts throughout North America from Ally Commercial Finance LLC in September 2010 by Centerbridge Capital Partners, L. P. and management. Lantern Asset Management, LLC (“Lantern”) is a real estate asset management company headquartered in Dallas, Texas with offices in Orlando and New York that is wholly owned by affiliates of Centerbridge and management. Lantern was formed at the time of the acquisition to assist Centerbridge and RFA with the origination, underwriting, acquisition and servicing of commercial real estate assets. In addition to asset management and continued investments in the Ally portfolio, RFA seeks to make new debt and equity investments across the timeshare industry. RFA is managed and operated by principals of Lantern.
About Hilton Grand Vacations
Hilton Grand Vacations Company, LLC, is a division of Hilton Worldwide, recognized as the leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel, and reservation services for more than 175,000 Club Members.
About Hilton Worldwide
Hilton Worldwide is the leading global hospitality company, spanning the lodging sector from luxurious full-service hotels and resorts to extended-stay suites and mid-priced hotels. For 93 years, Hilton Worldwide has been offering business and leisure travelers the finest in accommodations, service, amenities and value. The company is dedicated to continuing its tradition of providing exceptional guest experiences across its global brands. Its brands are comprised of more than 3,750 hotels and timeshare properties, with 615,000 rooms in 85 countries and include Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Hilton Hotels & Resorts, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages the world-class guest reward program Hilton HHonors®.
About Westgate Resorts:
With 27 resorts and over 400,000 owners worldwide, Westgate Resorts is the largest privately owned timeshare company in the world and one of the largest resort developers in the United States. The company, founded in 1970 by David A. Siegel, provides affordable luxury vacation accommodations and exchange opportunities through exclusive affiliation with Interval International, which offers worldwide travel solutions at over 2,000 resorts in over 65 countries.