Strip timeshare adding third tower

Friday, Sept. 17, 1999 | 11:24 a.m.

Construction began Thursday on a $45 million addition to the Polo Towers timeshare development on the Las Vegas Strip.

Located on the east side of the existing twin Polo Towers on Las Vegas Boulevard between Harmon Avenue and Tropicana Avenue, the 21-story Villas at Polo Towers will feature 190 one- and two-bedroom timeshare units.

The non-gaming project is slated for completion next July. Perini Construction, the contractor that built the existing Polo Towers development, will serve as general contractor for the new project.

International Resort Group, the parent company of Polo Towers and the Jockey Club, also announced it's changing its name to Diamond Resorts International.

"The name change better reflects our future growth plans," said company spokesman Dante Pistone. "The new name truly reflects our ambitious plans to expand into several other markets, including southern California, Arizona, Northern Mexico and Hawaii."

The new tower marks the third leg of the Polo Towers development. In 1992, the 160-unit Tower 1 was built at a cost of $25 million. Three years later, the $32 million second tower proffered an additional 162 timeshare units.

Diamond Resorts International has been 40 and 50 percent of the timeshare market in Greater Las Vegas, said Pistone.