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October 23, 2014

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Part of MonteLago Village Resort at Lake Las Vegas gets new owner

Image

Joe Elbert

Looking down at the MonteLago Village Resort and the shuttered Casino MonteLago from Grand Mediterra Boulevard at Lake Las Vegas.

Updated Friday, April 16, 2010 | 5:27 p.m.

The lodging portion of the MonteLago Village Resort at Lake Las Vegas is under new ownership, a California-based real estate investment firm announced today.

Pacific Capital Management, which had owned only the dining and shopping portion of the village, has acquired the lodging operations of the village from IntraWest Hospitality Management. Signal Butte Investors LLC, an affiliate of Pacific Capital Management, has owned and operated the shopping and dining element of the village since June 2007.

Signal Butte has brought in Aston Hotels & Resorts to run the resort operations in the village. Aston operates hotels in Lake Tahoe, Idaho and Hawaii.

The company said planned events and resort packages will be unaffected by the ownership shift.

MonteLago Village Resort General Manger Nick Darato said the ownership change doesn't affect homeowners who own individual condo units in the resort.

“We will still manage their properties for them and assist them in any way we can with the upkeep of their units,” Darato said.

The rental program will remain the same for now, Darato said. About 150 resort condos are available by reservation for nightly lodging, according to a release on the ownership change.

The MonteLago Village Resort is a three-acre shopping, dining, resort and condo development on the waterfront of Lake Las Vegas.

Casino MonteLago, which closed last month, is a separate entity of the MonteLago Village Resort. The casino was owned by CIRI Lakeside Gaming Investors LLC and was leased through Village Hospitality LLC, which is an arm of Deutsche Bank. Village Hospitality also owns the Ritz-Carlton Lake Las Vegas, which will close May 2. Loews Lake Las Vegas, the other resort in Lake Las Vegas, is owned and operated by the New York-based Loews Hotels.

In addition to the hotels, restaurants and shops, the 3,600-acre Lake Las Vegas development, located about 17 miles from the Strip, includes more than 1,700 residential units. The development is owned by the Atalon Group and is currently in bankruptcy.

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