Agency rejects $18 million purchase of World Trade Center

Thursday, Sept. 21, 2000 | 11:13 a.m.

The Las Vegas Convention and Visitors Authority, whose cash offer of $10 million for the World Trade Center hotel was rejected Sept. 14 by its owner, Amerco Entrepreneurial Institute Inc., said it spurned on Wednesday an $18 million counter-offer from Amerco.

The auction by Eric Nelson Auctioneering attracted a $10.1 million bid from an unidentified party for the 310-room hotel, a 10,000-square-foot office building and a 20,000-square-foot warehouse on the property.

Luke Puschnig, the LVCVA's attorney, said he isn't aware of the reasons behind the $18 million counter-offer. "The LVCVA let the $18 million offer lapse at 5 p.m. Wednesday because we are not in the market to buy the hotel at $18 million. We've conducted our own due diligence to get the value of that piece of property, and we feel $10 million is a good offer."

The LVCVA is interested in expanding to the World Trade Center property, which is near the Las Vegas Convention Center on Desert Inn Road.

Live chat: Tuesday, noon PST; Chat with Krista Creelman; Problem Gambling Center executive director Krista Creelman will answer questions about gambling addiction from Las Vegas Sun readers from noon to 1 p.m. Tuesday, Nov. ... Submit question