Trump International Hotel Las Vegas has sold approximately 300 condominium units to Hilton Grand Vacations, the timeshare division of Hilton Worldwide, and Hilton will use those units as luxury timeshare accommodations beginning next spring.
The transaction is valued at approximately US$100 million, the Las Vegas Review-Journal reported, and units have been selling for US$240,000 to US$350,000. Hilton Grand Vacations will be responsible for the sale of the timeshares, and Trump Hotel Collection will continue to manage every aspect of Trump International Hotel Las Vegas.
“We are confident that this relationship will not only add to the tremendous appeal of Trump Las Vegas but also will provide great benefit to our existing owners,” said Donald Trump, chairman and president of the Trump Organization.
“This innovative venture strengthens the momentum of our industry-leading performance in the Las Vegas market and adds a new product tier to our diverse resort portfolio,” added Mark Wang, president of Hilton Grand Vacations.