Tuesday, September 10, 2002

Fort Mitchell company buys Vegas hotel-casino

The Associated Press

        LAS VEGAS - A Cincinnati-area company said it is buying the vacant Maxim hotel-casino near the Las Vegas Strip for about $38 million.

        Columbia Sussex Corp. of Fort Mitchell announced it also signed an agreement with the Westin hotel chain to open a Westin-brand hotel at the 800-room property two blocks east of the Las Vegas Strip.

        An attached casino will serve as an “amenity” rather than a main feature, said Joe Young, the company's director of development.

        “Our philosophy for this property is that we're redeveloping a hotel with a very small casino component, where everyone prior to us has tried to develop it as a casino hotel,” Mr. Young told the Las Vegas Sun.

        “We certainly feel that the market is there for the hotel rooms in that location.”

        Columbia Sussex, a family-run company, owns about 50 hotels nationwide, including such brands as Marriott, Hilton and Crowne Plaza.

        It said it purchased the Maxim last week under the entity C.P. Las Vegas.

        The company said it expects to begin a nine-month construction project next month for a possible opening next year.

        Mr. Young declined to say what renovations could cost, but said plans include replacing the hotel's glass exterior.

        The company also runs the Horizon hotel-casino at Lake Tahoe, and Mr. Young said it expects to bring in the management company that runs the casino there to manage the Maxim casino.

        Mr. Young said the property will target tourists and conventioneers, but also will seek to attract people on business trips to office parks such as the nearby Howard Hughes complex.

        The seller, Revanche LLC of Houston, could not be reached for comment.

        The Maxim opened in 1979 but fell in and out of bankruptcy several times under various owners.

        It has a 32,000-square-foot casino floor, restaurants and recreational amenities.

        Revanche never received a Nevada gambling license to operate a casino.


Grote bakeries close after 50 years
Sharonville convention expansion on hold
P&G willing to pay big for beauty
- Fort Mitchell company buys Vegas hotel-casino
What's the Buzz?
Morning Memo
Tristate Summary
Toyota likely to add fifth assembly plant
WTC scrap melted near al-Qaida site
Investors wary of 9-11 anniversary
Telemarketers will be silent on Sept. 11
Asbestos trial format blasted
Gap CEO exercises 14.5 million stock options