Hilton Developing Two Projects Within Lake Las Vegas Resort
200-Unit Hilton Grand Vacations Timeshare and 50-Unit Waldorf=Astoria Fractional Project
ORLANDO, FL, March 26, 2007. Hilton Hotels Corporation (NYSE:HLT) through its timeshare division Hilton Grand Vacations Company, LLC, announced plans today to build a spectacular project featuring 200 Hilton timeshare units and a 50-unit luxury fractional Waldorf=Astoria component within the Lake Las Vegas Resort in Henderson, Nevada.
The project will be developed on a 17.5 acre lakefront parcel overlooking the 17th hole and the 18th tee of the Jack Nicklaus designed Reflection Bay Golf Course. Development of the project is currently in the design phase, with groundbreaking targeted for early 2008 and an opening date projected for fall of 2009.
In January 2006, The Waldorf=Astoria Collection(R) of luxury hotels was announced to extend the cachet of New York's legendary Waldorf=Astoria(R) hotel. The Waldorf=Astoria project at Lake Las Vegas Resort will be the first fractional lodging product to be developed by Hilton. "Hilton Grand Vacations is thrilled to announce that this spectacular new ownership project, including our first luxury fractional component, is being planned to enhance Hilton's lodging portfolio in Las Vegas," said Antoine Dagot, President and CEO, Hilton Grand Vacations, LLC. "Lake Las Vegas is a spectacular location, offering us an extraordinary opportunity to provide our clientele with two distinctive, upscale ownership options - one bearing the renowned Hilton name and one a luxurious Waldorf=Astoria."
Hilton Grand Vacations Company will be responsible for the sale of ownership interests and the property management of the Hilton Grand VacationsTM and Waldorf=Astoria products. The project will offer a distinctive array of guest amenities highlighted by an expansive full-service spa, golf course privileges, and access to the 320 acre Lake Las Vegas.
"We are very excited about the development of Lake Las Vegas for Waldorf=Astoria Collection fractional residences. We believe these new fractional residences, our first in this arena, is a great brand extension for The Waldorf=Astoria Collection of hotels and will set a new standard for its luxury offerings and its outstanding features," said David Greydanus, senior vice president - brand management for The Waldorf=Astoria Collection.
"The Hilton timeshare and The Waldorf=Astoria fractional projects are the perfect addition to Lake Las Vegas Resort," said Ronald F. Boeddeker, Chairman of Transcontinental Properties, Inc., the managing partner of Lake Las Vegas Resort. "Lake Las Vegas Resort offers residents and guests top-quality lodging and living choices by some of the world's top hospitality names and the nation's top builders. We welcome the addition of the Hilton developments to our unique resort destination."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
