Wednesday, Jan. 10, 2001 | 11:34 a.m.
A division of Hilton Hotels Corp. formally announced plans Tuesday to build a 1,500-unit, 33-story timeshare project on the north end of the Strip.
Construction of the first phase of the Hilton Grand Vacations Co. project, a 297-unit timeshare tower, will commence this summer. The first phase of the project is expected to cost $111 million, a price that includes the purchase price of the land.
Construction at the 10-acre site, located near the Circus Circus hotel-casino, is set to begin this summer. The first phase will open in early 2003, with sales starting in spring 2002.
The land is at the south end of a 39-acre empty land tract located at the southwest corner of Sahara Avenue and Las Vegas Boulevard, owned by Sahara hotel-casino owner Bill Bennett. Hilton placed the parcel under contract last May, and sources at the time told the Sun that Hilton was considering a high-rise timeshare project with at least 1,250 units. The land sale closed Monday.
The project will be Hilton Grand Vacation's third in Las Vegas, joining timeshare projects at the Flamingo and the Las Vegas Hilton.
"Our previous (timeshares) have been hugely successful, and Las Vegas is an ideal timeshare market, obviously," said Kathy Shepard, spokeswoman for Hilton Hotels.
The project will ultimately include four phases, though the timeframe for construction and its final price have not been determined.
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