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LAS VEGAS (AP) — The Westin Lake Las Vegas hotel has been sold for $25 million, significantly less than what precious owners paid almost a decade ago.
Vegas Inc. reports (http://bit.ly/1Vdcvnf ) that the 493-room Henderson resort was purchased Friday out of foreclosure by Pacifica Cos., a San Diego-based investment firm.
The sale price was 84 percent below what previous owners paid when they bought the hotel during the bubble years.
Pacifica President and managing partner Deepak Israni did not respond to requests for comment, and efforts to reach Westin management were also unsuccessful.
The hotel is one of three resorts at Lake Las Vegas. New York-based Loews Hotels bought the property in 2006 with a partner for $155 million.
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Information from: Las Vegas Sun, http://www.lasvegassun.com
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